Fitch upgrades Nama Electricity

Fitch Ratings said it upgraded Nama Electricity Distribution Co. SAOC's, formerly Mazoon Electricity Co. SAOC, long-term foreign- and local-currency issuer default ratings to BB+ from BB. The agency also raised the rating on Mazoon Assets Co. SAOC’s dollar-denominated senior unsecured notes to BB+ from BB.

“Fitch also revised its assessment of NEDC's stand-alone credit profile (SCP) to bb+ from bb following the finalization of the reorganization of most distribution and supply companies in Oman. The higher SCP reflects a stronger business risk profile supported by larger scale, a near monopoly in electricity distribution across Oman, a supportive regulatory framework, and lower expected FFO net leverage in the next four years.

“We assume that the company will shortly refinance the bridge financing, now that the reorganization is complete,” the agency said in a press release.

The outlook is stable.

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