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Moody’s drops five Omani banks
Moody's Investors Service said it downgraded the long-term deposit ratings of five Omani banks: BankMuscat SAOG to A3 from A1, Oman Arab Bank (SAOC) to Baa1 from A2, National Bank of Oman Ltd. (SAOG) to Baa1 from A3, Bank Dhofar SAOG to Baa1 from A3 and HSBC Bank Oman SAOG to Baa1 from A3.
In addition, all banks' ratings were placed under review for downgrade.
At the same time, the agency downgraded the baseline credit assessments (BCAs) of BankMuscat and Oman Arab Bank to baa2 from baa1 and ba1 from baa2, respectively, and placed them under review for downgrade. The BCA of Bank Dhofar was also placed under review for downgrade.
Moody's also affirmed the Ba3 corporate family rating and the B1 issuer rating of Al Omaniya Financial Services SAOG, but changed the outlook to negative from stable.
This action follows Moody's Feb. 26 downgrade of Oman's government issuer rating to A3 from A1 and its placement on review for downgrade. The sovereign action reflects the ongoing and highly negative impact of lower oil prices on Oman's fiscal and economic strength.
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