Omantel downgraded by Moody’s to Baa1; stable outlook
Omantel [OTL.OM] has been downgraded by Moody’s to Baa1 from A3 due to i) downgrade of the owner, the government of Oman; ii) weakening support from the government; and iii) complete dependence on domestic operations. The company has been assigned a stable outlook as Moody’s believes Omantel will continue to operate within its current financial profile. (Moody’s) Omantel: OMR1.62 as of 17 May 2016, Rating: Buy, FV: OMR1.73 per share, MCap: USD3,197 million, OTEL OM / OTL.OM
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