National Bank of Oman’s LT FCR Lowered Following Recent Oman Sovereign Rating Action; Outlook remains Negative
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Ref: OM006 21 PBK 00- 0 1 11 March 2021
National Bank of Oman’s LT FCR Lowered Following Recent Oman Sovereign Rating Action; Outlook remains Negative
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered National Bank of Oman’s (NBO) Long-Term Foreign Currency Rating ( LT FCR) to ‘BB’ from ‘BB+’ , while maintaining the Short-Term Foreign Currency Rating (ST FCR ) at ‘B’ , following the recent downgrade of Oman’s sovereign issuer ratings to ‘BB’/Negative (from ‘BB+’/Negative) . CI Ratings also affirmed NBO’s Ban k Standalone Rating (BSR) at ‘bb ’, Core Financial Strength (CFS) rating at ‘bbb-’ and Extraordinary Ordinary Support Level (ESL) of Moderate . The Outlook for the LT FCR and BSR remain s Negative .
The recent downgrade of Oman sovereign’s LT FCR largely reflects a marked increase in public and external debt burdens over…