Fitch Ratings has upgraded Omantel’s Long-Term Issuer Default Rating to ‘BBB-’ with a Stable Outlook, following the recent upgrade of the Sultanate of Oman’s sovereign credit rating to the same level. The move marks a significant milestone for Omantel, reinforcing its position as a strategically important national and regional digital infrastructure provider.
The upgrade reflects Omantel’s strong financial fundamentals, disciplined execution of its long-term strategy, and its central role in Oman’s economy. Fitch highlighted the company’s resilience, operational strength, and expanding role as a regional technology enabler, underpinned by stable cash flows and a solid market position.
Fitch assessed Omantel’s Standalone Credit Profile as comparable to ‘bbb’-rated peers in Western Europe, citing its leading market share across Oman’s fixed and mobile segments and its strong presence in both postpaid and prepaid services. The agency also noted Omantel’s relatively lower exposure to foreign exchange risks compared to many regional peers, despite operating in a competitive domestic market.
The rating upgrade also underscores Omantel’s contribution to Oman Vision 2040, particularly in advancing digital inclusion, supporting economic diversification, and strengthening national digital infrastructure. Through continued investment in cloud computing, artificial intelligence, IoT, cybersecurity, and next-generation connectivity, Omantel is positioning Oman as a regional hub for digital and technology services.
Omantel’s leadership described the upgrade as recognition of the company’s strategic direction and its commitment to customers, shareholders, and the broader economy. The improved credit profile enhances Omantel’s financial flexibility, reinforcing its role as the backbone of Oman’s digital transformation and a key player in regional connectivity.
