The rating reflects the company’s position as the single buyer and seller of electricity and associated desalinated water in the sultanate as well as the fact that it is 100 per cent owned by the government through the Ministry of Finance.

OPWP’s rating is equal to that of the Sultanate of Oman to reflect the fact that by law, the company must remain under government ownership and the Ministry of Finance is obliged to finance the company.

A change in rating would be triggered by a change in the rating or outlook of Oman or by a change in the relationship between the government and OPWP, the ratings agency said.