Bank Muscat – Ratings Upgraded Following Sovereign Action

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has raised the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Bank Muscat (BM or the Bank) to 'BBB-' and 'A3', respectively, from 'BB+' and 'B'. This upward revision follows the recent upgrade of Oman's sovereign ratings ('BBB-'/'A3'/Positive) earlier this month. The Outlook for the LT FCR remains Positive. At the same time, CI Ratings also raised BM's Bank Standalone Rating (BSR) to 'bbb-' (from 'bb+'), underpinned by a one-notch increase in the Operating Environment Risk Anchor (OPERA) to 'bb+'. The BSR Outlook remains Stable. The Bank's Core Financial Strength (CFS) rating has been affirmed at 'bbb' and the Extraordinary Support Level (ESL) raised to High from Moderate.

Attachments

• Rating Announcement (CRA)
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