S&P affirms Omantel

S&P said it affirmed its BB+/B long- and short-term corporate credit ratings on Oman Telecommunications Co. (Omantel).

The outlook remains negative.

The agency said the affirmation follows the acquisition of an additional stake in Zain Group, resulting in an additional $2.25 billion debt on Omantel's balance sheet (from a net cash position in 2016), through issuing a $800 million term loan and $1.54 billion bridge facility to finance the acquisition.

The ratings are unchanged since headroom was factored in the existing rating for increased debt, and the ratings are constrained by the rating on Oman, S&P said.

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