Research Update: Bahrain-Based BMI Bank 'BB+/B' Ratings Affirmed On Bank Criteria Change; Outlook Negative Dec 11
- Language: English
- Published: December 2011
The ratings on Bahrain-based BankMuscat International B.S.C. (BMI) mainly reflect its shareholding structure. The bank is 49%-owned and controlled by BankMuscat S.A.O.G. (BBB/Stable/A-2), itself controlled by the Sultanate of Oman (foreign currency, BBB+/Stable/A-2; local currency, A-/Stable/A-2). Standard & Poor's Ratings Services considers that BMI's part ownership by, important cooperation with, and increasing strategic importance to BankMuscat mean that strong support in times of difficulty would be highly likely. The ratings on BMI also reflect its adequate risk profile, well-defined strategy, and satisfactory financial performance. They are constrained by its small size, short track record, rapid asset growth, and weak funding profile. BMI is a small commercial bank incorporated in the Kingdom of Bahrain (A/Stable/A-1), with consolidated assets of $787.2 million...
Companies mentioned in this report are: BMI Bank B.S.C.,BankMuscat S.A.O.G.
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