Fitch affirms 6 Omani Banks' IDRs

June 18, 2015 10:30 AM

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Fitch affirms 6 Omani Banks' IDRs

Fitch Ratings has affirmed six Omani banks' Long-term Issuer Default Ratings (IDRs), and upgraded two of the banks' Viability Ratings, yet Outlooks on all six banks are Stable.

The Omani sovereign supported five of the banks’ IDRs, according to a statement issued by Fitch.

Bank Muscat (BM) was affirmed at 'A-'; while National Bank of Oman (NBO), Bank Dhofar, Bank Sohar, and Ahli Bank (ABO) were rated at 'BBB+'.

The IDR of the remaining bank, HSBC Bank Oman (HBON), was affirmed at 'A+', based on support from its ultimate parent, HSBC Holdings, which was affirmed at AA- with a stable outlook.

Fitch has upgraded Bank Sohar's Viability Rating (VR) to 'bb+' from 'bb', and HBON's VR to 'bbb-' from 'bb+'.

Moreover, Fitch has affirmed VR of BM at 'bbb'; NBO and ABO at 'bbb-'; and Bank Dhofar at 'bb+'.


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