Fitch: Oman banks healthy

Fitch Ratings said in a special report that the Oman banking system has prospered under the country's oil boom and the related expansion in domestic infrastructure and construction and strong prudential controls of the Central Bank of Oman.

The sector is the smallest in the GCC region and this constrains the ratings, Fitch said, but all-in-all the banks are in good shape. Healthy financial indicators, better management, larger franchises and adequate risk management are key rating factors considered in this market, the agency said.

Furthermore, banks have recovered from past asset quality problems and appear unaffected from more recent issues such as regional stock market corrections, U.S. subprime investments/structured credit exposures and the global credit crunch, Fitch added.

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