Mubasher: Standard & Poor's Ratings (S&P) lowered its long- and short-term corporate credit ratings on Oman Telecommunications Co. (Omantel) to 'BBB-/A-3' from 'BBB/A-2', with “Stable” outlook, according to a recent report on Tuesday.
Explaining the firm’s downgrade, S&P cited it cut its long-term sovereign ratings on the Sultanate of Oman to 'BBB-' from 'BBB+', clarifying that Omantel is state-run.
Yet, S&P said that Omantel's stand-alone credit profile rating is supported by a strong competitive position in Oman's fixed-line and mobile telephony markets, solid operating performance, high profitability and a net cash position.
S&P cut its long-term sovereign ratings on the Sultanate of Oman to 'BBB-' from 'BBB+'.
The telecom operator’s stock rose 0.64% to reach AED 1.57 by 11:20am UAE time.
