Moody's downgrades OPWP to A3 from A1

02 March 2016 Moody's Investors Service on Monday downgraded the long-term domestic and foreign currency issuer ratings of Oman Power & Water Procurement Co (SAOC) (OPWP) to A3 from A1 and placed the ratings on review for further downgrade.Moody's also placed six other Omani Government Related Issuers on review for downgrade.A complete set of companies and rating actions is listed below. List of a

  
02 March 2016
Moody's Investors Service on Monday downgraded the long-term domestic and foreign currency issuer ratings of Oman Power & Water Procurement Co (SAOC) (OPWP) to A3 from A1 and placed the ratings on review for further downgrade.

Moody's also placed six other Omani Government Related Issuers on review for downgrade.
A complete set of companies and rating actions is listed below. List of affected ratings:

Downgrades:
Oman Power & Water Procurement Co (SAOC): Issuer Rating (Foreign Currency), Downgraded to A3 from A1; Placed Under Review for further Downgrade; Issuer Rating (Local Currency), Downgraded to A3 from A1; Placed Under Review for further Downgrade
Outlook Actions:
Dhofar Power Company SAOC: Outlook, Changed To Rating Under Review from Stable
Majan Electricity Company SAOC: Outlook, Changed To Rating Under Review from Stable
Muscat Electricity Distribution Company SAOC: Outlook, Changed To Rating Under Review from Stable
Oman Power & Water Procurement Co (SAOC): Outlook, Changed To Rating Under Review from Negative
Mazoon Electricity Company SAOC: Outlook, Changed To Rating Under Review from Stable
Lamar Funding Limited: Outlook, Changed To Rating Under Review from Stable
Oman Electricity Transmission Company SAOC: Outlook, Changed To Rating Under Review from Stable
Oman Telecommunications Company SAOG: Outlook, Changed To Rating Under Review from Stable
The actions follow the downgrade on February 26, 2016 of the Government of Oman's bond rating to A3 from A1 with review for further downgrade.

The rating action on the sovereign rating is driven by (1) the high negative impact from low oil prices on the country's finances; (2) its economic performance; and (3) its current balance-of-payment positions.

© Oman Daily Observer 2016


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