Muscat Finance Company – National Scale Ratings and Negative Outlook Affirmed

Ref: OM0252 4 PNC00-01 3 January 202 4

Muscat Finance − National Scale Rating s and Negative Outlook Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Corporate Rating on the Oman National Scale of Muscat Finance S.A.O.G. (MF) at ‘omA-’. The Short-Term rating on the same scale has also been affirmed at ‘omA2’. The Outlook on the ratings remains Negative.

MF is the oldest non-bank financing compan y (NBFC) in Oma n , with a 10% market share of the Omani financing market. The financing receivables (FRs) book contract ed further in 2022 and in the first nine months of 2023 . While this contrasted with the growth seen at its peers , the lack of net FRs growth partly reflect s the continued cautious attitude adopted towards credit extension given that businesses are still recovering from the pandemic and the potential…