Moody’s acts on Omani corporates

Moody’s Investors Service said it acted on eight Omani corporates, driven by the agency’s recent decision to downgrade Oman's government issuer rating to Baa3 negative from Baa2 negative.

The agency downgraded the long-term issuer ratings to Baa3 from Baa2 and maintained the negative outlooks of the following companies: Majan Electricity Co. SAOC, Mazoon Electricity Co. SAOC, Muscat Electricity Distribution Co. SAOC, Oman Electricity Transmission Co. SAOC, Oman Power & Water Procurement Co. SAOC and Rural Areas Electricity Co. SAOC.

Moody's affirmed the Baa3 long-term issuer ratings of Dhofar Power Co. SAOC and Oman Telecommunications Co. SAOG (Omantel).

The outlook on Dhofar Power's ratings remains negative while the outlook on Omantel's rating was changed to negative from stable.

The agency said the downgrades reflect Moody's action on the government of Oman given the close links between those companies and the Omani government, and their reliance on cash flow generation from operations in Oman.

© 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.