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Bank Muscat S.A.O.G. Mar 03
Standard & Poors, March 2003
Abstract
The public information ('pi') rating on Bank Muscat S.A.O.G. reflects the bank's leading domestic market position--which has been bolstered by domestic expansion via acquisitions--and strong earnings. The rating also reflects controlling ownership by the government of Oman. The rating is constrained, however, by the small and concentrated Omani economy, the bank's partial reliance on wholesale funding, and a relatively high-risk lending profile due to lack of business diversification and lending concentrations, particularly in the personal and manufacturing sectors. After merging with Commercial Bank of Oman (CBO) in 2000, Bank Muscat became the leading player in the domestic banking sector. The merger took place after the largest shareholder of Bank Muscat, the Diwan of the Royal Court (Diwan), representing the Sultanate...
Companies mentioned in this report are: 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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