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Fitch rates Omantel sukuk BB+
Fitch Ratings said it assigned Oman Telecommunications Co. SAOG's $500 million of senior unsecured trust certificates a final BB+ rating with an RR4 recovery rating.
The sukuk was issued through the trustee, Otel Sukuk Ltd. (OSL). Oztel Holdings SPC Ltd. will guarantee all Omantel's obligations under the transaction documents. The instruments were priced at 5 3/8% due in January 2031.
“The ratings are in line with Omantel's long-term issuer default rating (IDR) and senior unsecured rating,” Fitch said in a press release.
The outlook is stable.
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