Muscat Finance – Ratings on Oman National Scale Affirmed with Stable Outlook

7 May 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term and Short-Term Issuer Ratings on the Oman National Scale of Muscat Finance S.A.O.G. (MF or the Company) at ‘omBBB-’ and ‘omA3’, respectively. The Outlook on the ratings is Stable.

The ratings and outlook are supported by MF’s comfortable leverage (albeit this partially suppresses profitability) and sound franchise as the oldest NBFI in Oman. Other supporting factors include its well-established and still fairly wide banking panel base, good corporate deposits growth, improved liquidity reflecting enhanced funding limits, and sound debt serviceability. The ratings are principally constrained by MF’s weak asset quality and low profitability, despite improvement in both metrics. Additional credit challenges are the high level of unprovided non-performing financing receivables (NPFRs) as per CI calculation, the structural reliance on contractually short-term…