Moody’s rates Mazoon, certificates Baa2

Moody's Investors Service said it assigned a Baa2 rating to the proposed senior unsecured sukuk certificates to be issued by Mazoon Assets Co. SAOC, a special purpose vehicle established by Mazoon Electricity Co. SAOC.

Concurrently, the agency assigned a Baa2 foreign currency long-term issuer rating to Mazoon Electricity that mirrors the local currency rating of the company.

The outlook is negative.

Moody’s said the ratings are supported by the regulator's record of transparency and independence, the cost-recovery mechanisms of the regulatory framework, as well as the low business risk profile of the electricity distribution and supply activities and the companies' regional monopoly positions in Oman.

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