National Finance Company – National Ratings Upgraded

13 November 2025

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has upgraded the Long- and Short-Term issuer ratings of National Finance Company SAOG (NFC or the Company) on the Oman National Scale to ‘omA’ and ‘omA1’, respectively, from ‘omA-’ and ‘omA2’. The Outlook on the ratings is Stable.

The upgrade of NFC’s ratings is underpinned by the Company’s improved business and financial risk profile. Financing asset quality has been steadily improving over recent years, and debt metrics are also at more comfortable levels, with the latter also aided by the issuance of perpetual bonds last year. A steadily improving funding and liquidity position in recent years, along with favourable trends in profitability, are also contributing factors.

The ratings are also driven by NFC’s franchise as the largest non-bank financing institution (NBFI) in Oman. Other factors supporting the ratings are the strength of its largest shareholder —…