Fitch upgrades OQ

Fitch Ratings said it upgraded OQ SAOC's long-term issuer default rating to BB+ from BB.

The outlook is stable.

The upgrade follows the upgrade of Oman to BB+/stable on Sept. 25, Fitch said.

“OQ's rating is constrained by that of Oman, as underlined by strong links between OQ and its ultimate sole shareholder, the Omani state, in line with Fitch's government-related entities rating criteria and parent and subsidiary linkage rating criteria,” the agency said in a news release.

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