CAPITAL INTELLIGENCE RAISES OMAN ARAB BANK'S LONG TERM FOREIGN CURRENCY RATING FROM 'BB+' TO 'BBB-' - Middle East Business News and Information
Muscat, Oman: Oman Arab Bank (OAB) announced that the international credit rating agency, Capital Intelligence Rating (CI), has raised the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) to 'BBB-' and 'A3' respectively, from 'BB+' and 'B'. The outlook for the LT FCR has been revised to Stable from Positive. CI has affirmed OAB's Bank Standalone Rating (BSR) of 'bb+' with a Stable outlook, Core Financial Strength (CFS) rating of 'bbb-', and Extraordinary Support Level (ESL) of Moderate. The upgrade follows a similar action on Oman's sovereign ratings.
Commenting on the report, Sulaiman Al Harthi, Chief Executive Office of Oman Arab Bank said, 'This upgrade reflects OAB's sound financial metrics and well-established franchise supplemented by the strengthening of Oman's economic fundamentals and prudent fiscal management. It also considers the introduction of the new banking law earlier this year, which is expected to enhance the operating environment and support the digitisation within the banking sector'.
He added, 'The affirmation of OAB's Bank Standalone Rating (BSR) and Core Financial Strength (CFS) demonstrates OAB's strong financial results in 2024, the continued support of our major institutional shareholders and the favourable deposit mix, with share of CASA funds contributing to more than half of total deposits in 2024. We have also had the loan-loss reserve coverage ratio reaching the highest level seen in five years. This demonstrates our strong franchise in both the conventional banking and the Islamic banking, via our fully owned subsidiary Alizz Islamic Bank, the second largest fully-fledged Islamic bank in Oman'.
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