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BankMuscat S.A.O.G. Feb 10
Standard & Poors, Feb 2010
Abstract
Well positioned to improve business and financial profile in Oman's relatively resilient economy. Controlling ownership by the government, with potential strong support if needed. Strong, stable earnings generation. Sluggish performance contribution from associates. Limited geographic and business diversification. Increased pressure on asset quality with high single-name concentration. Only adequate capitalization. The ratings on BankMuscat S.A.O.G. reflect the bank's 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 and an adequate funding position. The long-term rating on BankMuscat is one notch higher than the bank's stand-alone creditworthiness to reflect Standard & Poor's Ratings Services' expectation...
Companies mentioned in this report are: BankMuscat S.A.O.G.,BMI Bank B.S.C.
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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