Moody’s cuts Omani government-related issuers

Moody’s Investors Service said it downgraded the ratings of eight government-related issuers domiciled in Oman.

The downgrade is a direct consequence of the downgrade of Oman’s sovereign rating on Tuesday to Ba3 from Ba2 with a negative outlook.

“Moody’s downgraded the ratings of the following eight GRIs to Ba3 from Ba2 and assigned negative outlooks because of their concentration of cash flows and operations in Oman,” the agency said in a press release. This concludes the review for downgrade started on April 1, Moody’s said.

The companies are Dhofar Power Co. SAOC, Majan Electricity Co. SAOC, Mazoon Electricity Co. SAOC, Muscat Electricity Distribution Co., Oman Electricity Transmission Co. SAOC, Oman Power and Water Procurement Co. SAOC, Rural Areas Electricity Co. SAOC and Oman Telecommunications Co. SAOG.

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