Muscat: Fitch Ratings announced the upgrade of Oman Electricity Transmission Company (OETC), a member of Nama Group, Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB+’ from ‘BB’. The increase of OETC’s ratings to ‘BB+’ reflects the company’s stability and profitability.
The “Fitch” credit rating agency has identified several main factors that resulted in the rating of Oman Electricity Transmission Company, including the positive financial performance and assets owned by the company.
Commenting on this achievement, Eng. Saleh Al Rumhi, CEO of Oman Electricity Transmission Company, stated, “This is a big milestone for OETC, and we are proud of the company for the increase of the credit rating to the same degree as the Sultanate’s credit rating, which came as a result of the improvement of the company’s independent credit record, following a financial and organizational restructuring of the electricity sector under the umbrella of Oman Investment Authority.”
Eng. Al Rumhi added that raising the company’s credit rating will increase its competitiveness to attract investors. He stressed that the classification would enhance the company’s future strategic plans in line with the company’s new vision to reach globalisation with a world-class smart transmission grid by 2030, which would contribute to improving the credit rating of the Sultanate of Oman. This important achievement will enable the company to further contribute to achieving the goals of the “Oman 2040 Vision” related to the energy and renewable energy sectors.
Oman Electricity Transmission Company is the only company responsible for the transmission and control of electricity in the northern Sultanate’s network and also in the Governorate of Dhofar, where electricity is transferred from production stations to distributed load centres in all governorates of the Sultanate.
The transmission network operates at a voltage of 132 kV and above, to cover most of the governorates of the Sultanate, whether in the north or the south. OETC also manages the interconnection lines between the Sultanate and the Gulf interconnection network with a voltage of 220 kV.
