Moody's takes rating actions on 7 Omani banks
Date
3/21/2018 2:12:58 AM
(MENAFN- Muscat Daily) Muscat- Moody's Investors Service has downgraded the long-term local and foreign currency deposit ratings of five Omani banks and has affirmed the same ratings of two banks.
Moody's downgraded the long-term local and foreign currency deposit ratings of Bank Muscat (to Baa3 from Baa2), HSBC Bank Oman (to Baa3 from Baa2), Oman Arab Bank (OAB) (to Ba1 from Baa3), Bank Sohar (to Ba1 from Baa3) and Bank Nizwa (to Ba2 from Ba1). At the same time, Moody's affirmed the long-term local and foreign currency deposit ratings of BankDhofar (at Baa3) and National Bank of Oman (NBO) (at Baa3).
The ratings agency maintained a negative outlook on the long-term ratings of these seven banks.
The ratings actions on Omani banks follow Moody's downgrade of the government of Oman's issuer rating to Baa3 with a negative outlook from Baa2 with a negative outlook on Friday, Moody's said in a statement issued on Monday.
Moody's also downgraded the baseline credit assessments (BCAs) and adjusted BCAs of five Omani banks: Bank Muscat (to baa3 from baa2), BankDhofar (to ba2 from ba1), NBO (to ba2 from ba1), OAB (to ba2 from ba1) and Bank Sohar (to ba3 from ba2). In addition, Moody's affirmed the BCA of HSBC Bank Oman (at ba1) and its adjusted BCA (at baa2), while it affirmed the BCA and adjusted BCA of Bank Nizwa (at b1).
Moody's also affirmed the Ba3 corporate family rating and the B1 issuer rating of Al Omaniya Financial Services and maintained the negative outlook on the ratings.
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