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BankMuscat $250 Million Floating Rate Notes Rated 'BBB-' May 04
Standard & Poors, May 2004
Abstract
LONDON (Standard & Poor's) May 21, 2004--Standard & Poor's Ratings Services said today it assigned its 'BBB-' rating to Oman-based BankMuscat S.A.O.G.'s $250 million Floating Rate Notes (FRN) due May 26, 2009. The FRN have been issued under the bank's $800 million Euro Medium-Term Note (EMTN) Programme, rated 'BBB-/A-3' (for senior unsecured debt). 'The rating on the FRN reflects the ratings on BankMuscat,' said Standard & Poor's credit analyst Emmanuel Volland. The ratings on the bank ('BBB-/A-3') reflect its dominant commercial position in Oman, good earnings profile, and improving asset quality and capitalization. They also reflect controlling ownership by the government of the Sultanate of Oman (foreign currency, BBB/Stable/A-3; local currency, BBB+/Stable/A-2). Standard & Poor's considers that the bank's importance...
Companies mentioned in this report are: BankMuscat S.A.O.G.,Oman (Sultanate of)
Action: New Rating
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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