Moody’s cuts Oman Power & Water

Moody's Investors Service said it downgraded the long-term domestic and foreign currency issuer ratings of Oman Power & Water Procurement Co. SAOC 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.

These actions follow the Feb. 26 downgrade of the Government of Oman's bond rating to A3 from A1 with review for further downgrade.

The downgrade of Oman Power’s ratings to A3 from A1, follows Moody's action on the government of Oman given the close links between the two entities. Given the legal and regulatory framework, in combination with the government's exclusive ownership and low business risk profile, Oman Power’s baseline credit assessment of a3 remains on par with the credit risk assessment of the government of Oman.

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