Fitch ups Omantel secured notes to BB+

Fitch Ratings said it upgraded Oman Telecommunications Co. SAOG’s (Omantel) senior secured debt rating to BB+ from BB and revised the outlook to positive from stable. Omantel’s senior secured debt is issued through its subsidiary Oztel Holdings SPC Ltd.

The agency also affirmed Omantel’s BB issuer default rating.

“The upgrade of the instrument rating follows a change in Oman's country group scoring under the country-specific treatment of recovery ratings. Oman was previously a group D country, which capped Omantel's instrument ratings at the BB IDR. In March 2023, Fitch moved Oman to group C, which increases the cap for Omantel's instrument ratings to one notch above the IDR,” the agency said in a press release.

The improved outlook reflects a similar change in the outlook for Oman, Fitch said.

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