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BankMuscat International B.S.C. Jan 08
Standard & Poors, Jan 2008
Abstract
Strong capitalization subsequent to sizable capital injection provided by supportive shareholders to implement long-awaited international expansion Adequate risk profile Satisfactory, but stagnating, financial performance Good asset quality Limited track record, with small customer franchise and weak market position Ambitious and risk-challenging expansion strategy High concentration risk, which will be mechanically solved by the capital increase Weak, albeit improving, funding profile The ratings on BankMuscat International B.S.C. (BMI) largely reflect the bank's shareholding structure. It is 49%-owned and controlled by BankMuscat S.A.O.G. (BBB+/Positive/A-2), which is controlled by the Sultanate of Oman (A/Stable/A-1). Standard & Poor's Ratings Services considers that BMI's part ownership by, and important cooperation with, and strategic importance to BankMuscat mean that strong support would be highly likely in...
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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