Fitch Ratings has upgraded Oman Electricity Transmission Company from “BB+” to “BBB-” with a stable outlook, giving the company its first investment-grade rating. This upgrade reflects growing global confidence in the company’s strong business model, steady and predictable cash flows, and clean regulatory environment. It also highlights the company’s disciplined financial management and reliable performance in operating one of the region’s efficient electricity transmission networks.
The development is seen as an important milestone for OETC, as it strengthens its role in expanding Oman’s electricity transmission network to meet rising power demand. The company has been actively working on several strategic projects aimed at improving grid capacity and efficiency. At the same time, it is supporting the integration of renewable energy into the national grid, which is a key focus area for the country’s clean energy transition.
The upgrade also aligns with the goals of Oman Vision 2040, which aims to promote sustainable economic growth and reduce carbon emissions. OETC’s efforts in enhancing grid reliability and supporting renewable energy projects are seen as essential for achieving these long-term national objectives.
Another important benefit of the rating upgrade is improved access to financial markets. With an investment-grade rating, OETC is now in a stronger position to attract both local and international investors. This will allow the company to raise funds at more competitive rates, helping it finance future expansion projects and strengthen its infrastructure.
Eng. Hisham Abdullah Al Riyami, Acting Chief Executive Officer of OETC, said that the upgrade reflects the company’s focus on operational excellence, strong governance, and financial discipline. He added that the company remains committed to playing a key role in Oman’s electricity sector while supporting sustainable development goals.
OETC is responsible for managing the electricity transmission network and load dispatch across Oman, covering all governorates. It also handles interconnections with the GCC Interconnection Grid at 220 kV, ensuring regional power connectivity and stability. The company operates under the framework of the Nama Group, which oversees key electricity and water companies in the country.
Overall, the upgrade marks a significant step forward for OETC as it continues to strengthen its operations, expand its network, and contribute to building a reliable and sustainable energy system for Oman’s future.
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