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BankMuscat International Outlook Revised to Positive; 'BBB-/A-3' Ratings Affirmed Jan 08
Standard & Poors, Jan 2008
Abstract
LONDON (Standard & Poor's) Jan. 21, 2008--Standard & Poor's Ratings Services said today that it revised its outlook on Bahrain-based BankMuscat International B.S.C. (BMI) to positive from stable. At the same time, the 'BBB-/A-3' long- and short-term counterparty credit ratings were affirmed. 'The outlook revision reflects strong commitment from shareholders through a sizable capital increase ($250 million) with further plans to inject funds in the short term, subject to the success of its expansion strategy,' said Standard & Poor's credit analyst Paul-Henri Pruvost. The ratings on BMI largely reflect the bank's shareholding structure. It is 49%-owned and controlled by BankMuscat S.A.O.G. (BBB+/Positive/A-2), itself controlled by the Sultanate of Oman (A/Stable/A-1). Standard & Poor's considers that BMI's part ownership by, and...
Companies mentioned in this report are: BMI Bank B.S.C.,Oman (Sultanate of),BankMuscat S.A.O.G.
Action: Outlook: Positive
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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