Moody's downgrades Omani banks as operating environment ‘weakens’

10/03/2019 Argaam

Moody's Investors Service has downgraded the long-term local and foreign currency deposit ratings of four Omani banks, namely, Bank Muscat, HSBC Bank Oman, Bank Dhofar and National Bank of Oman, the ratings agency said in a statement.

 

Also read: Moody's cuts Oman's rating amid 'limited' fiscal reforms

 

At the same time, Moody's affirmed the long-term local currency deposit rating of three banks, namely, Bank Sohar, Oman Arab Bank and Bank Nizwa.

 

Moody's has also downgraded the long-term foreign currency deposit ratings of Sohar International and OAB, while it has affirmed the long-term foreign currency deposit rating of Bank Nizwa, the statement added.

 

“These actions, which follow Moody's downgrade of the Government of Oman issuer rating to Ba1 with a negative outlook from Baa3 with a negative outlook, reflect the Omani government's weakening capacity to support the local banks as well as the weakening operating environment in the country,” the statement noted.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.