Following Oman's sovereign ratings downgrade last week, Standard & Poor's Ratings Services has lowered its corporate credit ratings on three Omani entities - Oman Telecommunications Co (Omantel), Oman Electricity Transmission Co (OETC) and Oman Power and Water Procurement Co (OPWP). S&P lowered its long- and short-term corporate credit ratings on Omantel to BBB-/A-3 from BBB/A-2. S&P said, Omantel's standalone credit profile is still strong at bbb, supported by a competitive position in Oman's fixed-line and mobile telephony markets, solid operating performance, high profitability, and a net cash position. S&P lowered OETC corporate credit rating of the company to BBB- from BBB and OPWP’s long-term corporate credit rating was lowered to BBB- from BBB+. The ratings agency's outlook on the long-term ratings of the three companies remains stable. (Muscat Daily)