Bank Muscat’s Ratings Affirmed; Outlook Remains Negative

Ref: OM01420 CRA00- 0 1 1 8 May 202 1

Bank Muscat’s Ratings Affirmed; Outlook Remains Negative

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong- Term Foreign Currency Rating (LT FCR) and Short- Term Foreign Currency R ating ( ST FCR) of Bank Muscat (BM) at ‘BB’ and ‘B’ , respectively. At the same time, CI Ratings has affirmed BM’s Bank Standalone Rating (BSR) of ‘bb’, Core Financial Strength (CFS) rating of ‘bbb’ and Extraordinary Support Level (ESL) of Moderate. The Outlook for both the LT FCR and BSR remains Negative in line with the Outlook assigned to Oman’s sovereign r ating s .

As BM’s LT FCR is at the sovereign level, the ESL of Moderate precludes any uplift from the BSR. The ESL is underpinned by the Bank’s sizeable government shareholding (direct and indirect) and its systemic importance as the largest bank in the country. BM remains the…