The global ratings agency downgraded the long-term domestic and foreign currency issuer ratings of Oman Power and Water Procurement Co (OPWP) to ‘A3’ from ‘A1’ and placed the ratings on review for further downgrade. Government-related issuers which have been placed on review for downgrade by Moody’s includes Dhofar Power Co, Majan Electricity Co, Muscat Electricity Distribution Co, Mazoon Electricity Co, Lamar Funding Limited and Oman Electricity Transmission Co. All these six entities currently have A3 ratings by Moody’s. Moody’s also placed Omantel on review for a downgrade. Moody’s said its actions on government-related issuers follow the downgrade on February 26 of the Government of Oman’s bond rating to A3 from A1 with review for further downgrade. The rating action on the sovereign rating was driven by the high negative impact from low oil prices on the country’s finances; its economic performance; and its current balance-of-payment positions, Moody’s said. (Muscat Daily)