Fitch upgrades Omantel

Fitch Ratings said it upgraded Oman Telecommunications Co. SAOG's (Omantel) long term issuer default rating to BB from BB-. The agency also boosted the senior secured notes under Oztel Holdings SPC Ltd. to BB from BB-.

“The upgrade follows a recent similar rating action on the Oman sovereign as Omantel's IDR is capped by the rating of the sovereign. The cap reflects our assessment of strong links between the two and is in accordance with Fitch's parent and subsidiary linkage and government-related entities (GRE) criteria. Omantel is 51%-owned by state-owned funds,” the agency said in a press release.

The outlook is stable.

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