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BankMuscat Long-Term Rating Raised To 'BBB+'; Short-Term Rating Affirmed; Outlook Stable Jan 07
Standard & Poors, Jan 2007
Abstract
PARIS (Standard & Poor's) Jan. 22, 2007--Standard & Poor's Ratings Services said today that it raised its long-term counterparty credit rating on Oman-based BankMuscat S.A.O.G. to 'BBB+' from 'BBB'. At the same time, the 'A-2' short-term counterparty credit rating on the bank was affirmed. The outlook is stable. 'The rating action reflects the bank's sustained leading domestic market position and improving financial performance,' said Standard & Poor's credit analyst Emmanuel Volland. Although rapid asset growth and international expansion have put pressure on capitalization, the bank plans to raise new capital in 2007. Therefore, capitalization is expected to return to adequate levels. The ratings reflect the bank's dominant commercial position in the Sultanate of Oman (A-/Stable/A-2), and its adequate financial performance...
Companies mentioned in this report are: BankMuscat S.A.O.G.,BMI Bank B.S.C.
Action: Affirmed
Action: Outlook: Stable
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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