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Fitch assigns first-time rating to OQ

22 Sep 2020

Global credit rating agency Fitch Ratings has for the first time assigned OQ a long-term issuer default rating (IDR) of ‘BB-’ with a negative outlook.

OQ’s rating is equalised with that of the company’s ultimate sole shareholder, the government of Oman (BB-) and reflects Fitch’s view of strong links between OQ and the government, Fitch Ratings said in a statement on Tuesday. 

The negative outlook on OQ’s rating mirrors that on Oman’s rating, it said.

Fitch said that the rating also takes into account OQ’s solid business profile with integrated operations spanning exploration and production, refining, marketing, chemical and petrochemical segments.

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