S&P affirms Oman Electricity

S&P said it affirmed its BB long-term issuer credit rating on Oman Electricity Transmission Co.

The outlook is stable.

The agency also affirmed the BB issue rating on the notes issued by Lamar Funding Ltd.

S&P said the company has an aggressive debt-funded capital spending program, initiated in 2015, which reached its peak spending in 2017-2018.

“As a result, we expect OETC's S&P-adjusted FFO to debt will weaken, but remain above 9% over the next 12-24 months,” the agency said in a news release.

“After that, we believe that completion of key infrastructure targets will help maintain demand growth and improve EBITDA and FFO generation.”

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