Moody’s upgrades the long-term ratings of seven Omani banks

Muscat – Moody’s Investors Service has upgraded the long-term local and foreign currency deposit ratings of seven Omani banks: Bank Muscat, HSBC Bank Oman, BankDhofar, National Bank of Oman (NBO), Sohar International Bank, Oman Arab Bank (OAB) and Bank Nizwa.

Moody’s has maintained a developing outlook on the long-term deposit ratings of HSBC Bank Oman and a positive outlook on the long-term deposit ratings of the other six Omani banks.

At the same time, Moody’s has upgraded the Baseline Credit Assessments (BCAs) and adjusted BCAs of the seven banks.

The rating actions follow Moody’s (1) upgrade to Ba2 from Ba3 of the Government of Oman’s issuer rating with the outlook maintained at positive and (2) Moody’s raising of the local and foreign currency ceilings to Ba3 and Ba1 from Ba1 and Ba2 respectively.

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