Standard and Poor's, leading global credit rating agency, has raised the long-term rating on BankMuscat to 'A-' from 'BBB+' and affirmed the 'A-2' short-term rating. The ratings also reflect BankMuscat's 'bbb' anchor, as well as its strong business position, strong capital and earnings, moderate risk position, average funding, and adequate liquidity.
The long-term rating is one notch higher than the Bank's stand-alone credit profile as SandP has classified the Bank as having high systemic importance in Oman. The stable outlook reflects SandP’s expectation that BankMuscat will remain the dominant player in Oman and experience no significant change to its business and financial profile over the next two years.
AbdulRazak Ali Issa, Chief Executive, said: “BankMuscat is proud to receive yet another affirmation of its robust performance, competitive advantage and stability. The SandP rating upgrade, achieved during challenging situation, will further promote investor confidence and improve the overall performance of the Bank, marked by positive manage
ment and corporate strategies. BankMuscat is committed to sustaining its sound and stable track record as well as business and financial profile.”
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