Moody’s rates OTEL sukuk Ba2

Moody’s Investors Service said it rated OTEL Sukuk Ltd.’s planned senior unsecured sukuk trust certificates Ba2. OTEL is a special-purpose financing vehicle owned by Oman Telecommunications Co. SAOG (Omantel).

“Omantel's Ba2 long-term corporate family rating (CFR), Ba2-PD probability of default rating (PDR), ba3 baseline credit assessment (BCA), Ba2 on the $900 million backed senior secured bond due in 2028 issued by Oztel Holdings SPC Ltd. and the positive outlooks on both entities have been reviewed in the rating committee and remain unchanged,” the agency said in a press release.

OTEL will pay Omantel the proceeds as consideration for the purchase of broadband data services. Omantel will use the proceeds for general corporate purposes, including the repayment of the bridge loan facility.

The outlook for OTEL is positive.

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