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.
Be the first to comment
Comments Analysis: