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BankMuscat S.A.O.G. Jan 09
Standard & Poors, Jan 2009
Abstract
Dominant commercial position in Oman Controlling ownership by the government, with potential strong support if needed Good asset quality and financial performance Limited geographic and business diversification Rapid loan growth that pressures funding and capitalization Risks and challenges of increasing overseas expansion The ratings on BankMuscat S.A.O.G. reflect a dominant commercial position in its domestic market, as well as sustained and good financial performance and asset quality. Negative rating factors include its limited geographic and business diversification outside the small and concentrated Omani economy, an only-adequate funding position, and the risks and challenges of its rapid geographic expansion that is pressuring capitalization. The long-term rating on BankMuscat is one notch higher than the bank's stand-alone creditworthiness to reflect our expectation...
Companies mentioned in this report are: BankMuscat S.A.O.G.,BMI Bank B.S.C.,Global Investment House KSCC
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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