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BMI Bank B.S.C. Jan 09
Standard & Poors, Jan 2009
Abstract
Strong support from major shareholder Strong capitalization Limited market risk Limited track record, with small customer franchise and weak market position High concentration risk and recent fast growth in lending Weak funding profile The ratings on BMI Bank B.S.C. reflect its ownership structure, strong capitalization, and limited market risk. BMI is 49% owned and controlled by BankMuscat S.A.O.G. (BBB+/Stable/A-2), which is itself controlled by the Sultanate of Oman (A/Stable/A-1). Standard & Poor's Ratings Services considers that BMI's part ownership by, close cooperation with, and strategic importance to BankMuscat mean that strong support would be highly likely in case of need. The good track record of support also underpins our opinion. BMI's long-term rating is therefore two notches above the bank's...
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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