CAPITAL INTELLIGENCE CHANGES OUTLOOK ON OMAN ARAB BANK’S CREDIT RATING FROM “STABLE” TO “POSITIVE”

Muscat, Oman:  Oman Arab Bank (OAB) announced that the international credit rating agency, Capital Intelligence Rating (CI), has changed its outlook on the Long-Term Foreign Currency Ratings (LT FCR) from “Stable” to “Positive”. CI has affirmed OAB’s the LT FCR and Bank Standalone Rating (BSR) of ‘BB+’ and ‘bb+’, respectively. The Bank’s Short-Term Foreign Currency Rating (ST FCR) of ‘B’, Core Financial Strength (CFS) rating of ‘bbb-’, and Extraordinary Support Level (ESL) of Moderate have also been affirmed.

The change follows the recent change of outlook of the Government of Oman’s issuer rating from “Stable’ to “Positive”.

Commenting on the report, Sulaiman Al Harthi, Chief Executive Office of Oman Arab Bank said, “This change of outlook reflects OAB’s well established franchise, and its sound share of the banking system supplemented by the improvement in Oman’s debt burden and prudent fiscal management.

He added, “The affirmation of OAB’s Bank Standalone Rating (BSR0 and Core Financial Strength (CFS) rating demonstrates OAB’s sound and resilient financial metrics at end of H1 24, and the continued support of its major shareholder, Arab Bank Plc (Jordan). The strong position we enjoy demonstrates our strong presence in the conventional banking as well as the Islamic banking via our full ownership of Alizz Islamic Bank, the second largest fully fledged Islamic bank in Oman.