Moody’s acts on Omani banks

Moody’s Investors Service said it downgraded the long-term local and foreign currency deposit ratings of five Omani banks.

The downgrades include Bank Muscat SAOG to Baa3 from Baa2, HSBC Bank Oman SAOG to Baa3 from Baa2, Oman Arab Bank SAOC to Ba1 from Baa3, Bank Sohar SAOG to Ba1 from Baa3 and Bank Nizwa SAOG to Ba2 from Ba1.

At the same time, the agency affirmed the long-term local and foreign currency deposit ratings of Bank Dhofar SAOG at Baa3 and National Bank of Oman Ltd. SAOG at Baa3.

Moody's maintained the negative outlook on the long-term ratings of the banks.

At the same time, the agency downgraded the baseline credit assessments and adjusted BCAs of Bank Muscat to baa3 from baa2, Bank Dhofar to ba2 from ba1, National Bank of Oman to ba2 from ba1, Oman Arab Bank to ba2 from ba1 and Bank Sohar to ba3 from ba2.

Moody's affirmed the BCA of HSBC Bank Oman at ba1 and its adjusted BCA at baa2, and affirmed the BCA and adjusted BCA of Bank Nizwa at b1.

The agency also affirmed the Ba3 corporate family rating and the B1 issuer rating of Al Omaniya Financial Services SAOG and maintained the negative outlook.

Moody’s said the actions follow the downgrade of the Government of Oman's issuer rating to Baa3 with a negative outlook, from Baa2 with a negative outlook.

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