Fitch upgrades Omantel’s credit rating, citing high oil prices, reforms

Fitch upgrades Omantel’s credit rating, citing high oil prices, reforms

Oman’s state-owned telecommunications company, Omantel, received a credit rating upgrade from Fitch Ratings today.

The New York-based credit rating agency upgraded Omantel to “Stable” from its previous outlook of “Negative,” according to a press release. 

Fitch said that Oman’s fiscal health improved for a variety of reasons. Omantel is 51% owned by the Omani government, and high oil prices have resulted in more government revenue. Like other Gulf states, Oman bases its budget largely on proceeds from oil sales.