Fitch drops Bank Muscat

Fitch Ratings said it has downgraded Bank Muscat's individual rating to C from B/C.

At the same time, Fitch said it affirmed Bank Muscat's long-term issuer default rating at A- with a stable outlook, short-term issuer default rating at F2, support rating at 1 and support rating Floor at A-(A minus).

According to the agency, the downgrade of Bank Muscat's Individual rating reflects Fitch's concerns about erosion of the bank's capital ratios resulting from rapid loan growth, potential systemic risks posed by retail lending in Oman, where the bank has a large exposure, and the bank's tightening liquidity in worsening market conditions.

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