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BMI Bank B.S.C. Feb 10
Standard & Poors, Feb 2010
Abstract
Strong support from major shareholders. Strong capitalization. Limited track record, with small customer franchise and weak market position. Weak funding profile and overstretched liquidity. Weak operational performance. Deteriorated asset quality. The ratings on BMI Bank reflect its small customer franchise, limited track record, deteriorated asset quality and financial performance, and weak funding and liquidity profiles. These negative factors are somewhat balanced by its ownership structure and strong capitalization. BMI is 49% owned and controlled by BankMuscat S.A.O.G. (BBB+/Stable/A-2), which is itself ultimately controlled by the Sultanate of Oman (A/Stable/A-1). Standard & Poor's Ratings Services considers that BMI's part ownership by, increasing cooperation with, and strategic importance to BankMuscat mean that strong support would be highly likely in case of need....
Companies mentioned in this report are: BMI Bank B.S.C.,BankMuscat S.A.O.G.
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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