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BankMuscat 'BBB-/A-3' Ratings Affirmed On National Bank of Oman Merger Talk; Outlook Stable Sep 04
Standard & Poors, Sep 2004
Abstract
LONDON (Standard & Poor's) Sept. 28, 2004--Standard & Poor's Ratings Services said today it affirmed all its ratings on Oman-based BankMuscat S.A.O.G. (BankMuscat), including its 'BBB-/A-3' counterparty credit and certificate of deposit ratings on the bank. The outlook on the bank remains stable. The rating action follows the announcement that BankMuscat and National Bank of Oman (NBO; not rated), the two largest Omani banks, are expected to merge. The transaction is subject to shareholder and regulatory approval and is expected to be effective as of Jan. 1, 2005. 'The rating action reflects the expected dominant domestic commercial position of the new entity and its controlling ownership by the Government of Oman and related entities,' said Standard & Poor's credit analyst...
Companies mentioned in this report are: BankMuscat S.A.O.G.
Action: Affirmed
Action: Outlook: Stable
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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