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BankMuscat S.A.O.G. Jan 06
Standard & Poors, Jan 2006
Abstract
Dominant commercial position in Oman; Superior earnings track record, reflecting high margins and low cost base; Controlling ownership by the government, with expected strong support in case of need; and Adequate asset quality, underpinned by improved underwriting standards. Limited, albeit increasing, geographic and business diversification; High loan leverage; Challenges related to geographic expansion; and Only adequate funding profile. The ratings on BankMuscat S.A.O.G., based in the Sultanate of Oman (foreign currency, BBB+/Stable/A-2; local currency, A-/Stable/A-2), reflect the bank's dominant commercial position in its domestic market, good earnings profile, and improving asset quality and capitalization. They also take into account controlling ownership by the government of Oman. Standard & Poor's Ratings Services expects that government support would be available in times...
Companies mentioned in this report are: BankMuscat S.A.O.G.,BMI Bank B.S.C.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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