Mubasher: Moody’s Investors Service downgraded the credit ratings of six companies affiliated to the Sultanate’s government.

According to a statement released by Moody’s on Wednesday, Oman Power and Water Procurement Company, Oman Electricity Transmission Company were downgraded by one notch.

The think tank also downgraded Majan Electricity Company (MJEC), Mazoon Electricity Company, (MZEC), Muscat Electricity Distribution Company (MEDC) and Dhofar Power Company (DPC) by two notches, with a stable outlook for the six companies.

Moody’s said that the new ratings follow the downgrade of the sovereign rating of Oman to Baa1 from A3.