Moody’s Ratings Changes Outlook On Long-Term Deposit Ratings Of Oman Arab Bank From “Stable” To “Positive”
5thSeptember 2024: Muscat, Oman: Oman Arab Bank (OAB) announced that the international credit rating agency, Moody’s Ratings (Moody’s), has changed its outlook on the Long-Term Deposit Ratings from “Stable” to “Positive”. Moodys’ affirmed the long-term local and foreign currency deposit ratings at Ba1 and the bank’s Baseline Credit Assessments (BCA) at ba3 and the Adjusted BCA at ba2.
This 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 the positive impact of the improvement in Oman’s debt burden and prudent fiscal management which increases the government’s capacity to absorb fluctuations in the global energy market and interest rates.
He added, “The affirmation of OAB’s ratings reflect the bank’s solid revenues and the importance of OAB to the local financial system, given its strong market share and its Islamic foot print in the country via its full ownership of Alizz Islamic Bank, the second largest fully fledged Islamic bank in Oman. The strong position we enjoy demonstrates our strong presence in the market paved by following a customer-focused culture and focused approach to risk management, as we look forward to further development and growth.”
