Fitch ups Energy Development Oman

Fitch Ratings said it upgraded Energy Development Oman SAOC's long-term issuer default rating and senior unsecured rating to BB+ from BB.

The recovery rating on the senior unsecured rating is RR4.

The outlook is stable.

Fitch also upgraded the rating on the Sukuk program issued by EDO Sukuk Ltd. to BB+ from BB with a recovery rating of RR4.

The agency said the upgrades reflect the upgrade of Oman to BB+/stable on Sept. 25.

“EDO's long-term IDR is constrained by the rating of its sole shareholder, the government of Oman given their close links, in line with Fitch's government-related entities and parent and subsidiary linkage rating criteria,” Fitch said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.