S&P cuts Omantel, Batelco

Standard & Poor’s said it lowered its long- and short-term corporate credit ratings on Oman Telecommunications Co. (Omantel) to BBB-/A-3 from BBB/A-2.

At the same time, S&P lowered the long-term corporate credit rating on Bahrain Telecommunications Co. (Batelco) to BB from BB+ and affirmed the B short-term corporate credit rating.

The outlooks on the long-term ratings on the two companies are stable.

The rating actions follow S&P’s recent downgrades of the Sultanate of Oman and the Kingdom of Bahrain.

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