Funding costs of Omani banks to rise after Fitch downgrade, analysts say | The National

Funding costs of Omani banks to rise after Fitch downgrade, analysts say | The National:



"Five Omani banks downgraded by a credit ratings agency will not suffer an immediate impact, but their future funding costs would rise, analysts said yesterday.



Fitch on Monday downgraded the long-term issuer default rating for Bank Muscat, National Bank of Oman, Bank Dhofar, Bank Sohar and Ahli Bank because of low oil prices and their impact on Oman’s fiscal ­position.



The agency maintained its rating for HSBC Bank Oman, thanks to the support of its parent, HSBC Holdings."



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