Oman Power assigned long-term foreign currency issuer rating of 'A2' - Moody's |
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Published
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Fri, 26 Oct 2007 12:07
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has assigned long term local and foreign currency issuer ratings of 'A2' with a stable outlook to Oman Power & Water Procurement Co SAOC (OPWP) reflecting the company's mandate, underpinned by the stability of a cost-plus framework which eliminates any commercial risk under normal circumstances by allowing full recognition of procurement costs.Moody's added that as long as OPWP's activities remain limited predominantly to its regulatory obligations, and continue to achieve full pass-through of procurement costs under normal circumstances, its ratings are likely to move in sync with Oman's sovereign ratings.'OPWP buys electricity and related water in bulk from licensed generation and desalination companies under long term contracts and sells this on to licensed electricity suppliers and water authorities under cost-plus tariffs,' S&P said.Oman Power's mandate is clearly defined and limited to its regulatory obligations, and any market or counterparty risk is minimal, thus underpinning its very low-risk business, the ratings agency said.OPWP is the fully regulated, wholly government-owned sole bulk supplier of electricity and related water in Oman.TFN.newsdesk@thomson.comami/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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