S&P lowers Omantel, Oman Electricity, Oman Power to junk

S&P said it lowered its long-term corporate credit ratings on Oman Telecommunications (Omantel), Oman Electricity Transmission Co. and Oman Power and Water Procurement Co. to BB+ from BBB-.

S&P also lowered its short-term rating on Omantel to B from A-3.

The agency also downgraded the notes issued by orphan special-purpose vehicle Lamar Funding Ltd. (LFL), guaranteed by Oman Electricity Transmission Co., to BB+ from BBB-.

The outlook on the long-term ratings on the three companies is negative.

The rating actions follow S&P’s downgrade of the Sultanate of Oman.

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