S&P lowers Oman Electricity view to negative

S&P said it revised the outlook on Oman Electricity Transmission Co. to negative from stable and affirmed the BB ratings on its notes, along with the notes issued by orphan special purpose vehicle Lamar Funding Ltd.

The outlook revision follows the outlook revision on Oman to negative from stable, the agency said.

The negative outlook reflects a belief that Oman's ability to provide support to Oman Electricity in a financial stress scenario is weakening.

A downgrade of Oman would likely lead to a downgrade of Oman Electricity, S&P said.

The agency said it regards Oman Electricity as a government-related entity based on its very strong link with the Omani government.

It operates the sole transmission system for electricity in Oman and is 100% owned by the state, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.