National Bank of Oman – Ratings Affirmed with a Stable Outlook
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Ref: OM006 2 3 CRA00- 0 1 30 May 202 4
National Bank of Oman – Ratings Affirmed with a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long -Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of National Bank of Oman (NBO) at ‘BB + ’ and ‘B’, respectively. At the same time, CI Ratings has affirmed NBO’s Bank Standalone Rating (BSR) of ‘bb + ’, Core Financial Strength (CFS) rating of ‘ bbb -’ and Extraordinary Support Level (ESL) of Moderate. The Outlook f or the LT FCR and BSR is Stable.
As the Bank’s LT FCR is at the sovereign level, the ESL of Moderate does not result in any uplift from the BSR. In addition, given the strong correlation between the Bank and the sovereign’s ratings, any improvement or deterioration in Oman’s LT FCR and/or outlook will have a corresponding effect on NBO’s ratings…