Oman Arab Bank outlook risen to ‘Positive’

Oman Arab Bank outlook risen to ‘Positive’

Muscat – The outlook on Oman Arab Bank (OAB) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) was revised from ‘stable’ to ‘positive’ by Capital Intelligence Ratings (CI Ratings).”

The bank’s LT FCR and BSR are respectively ‘BB’ and ‘bb’, while its Short-Term Foreign Currency Rating (ST FCR) has been affirmed at ‘B’, its Core Financial Strength (CFS) at ‘bbb-’ and its Extraordinary Support Level (ESL) at ‘moderate’. The move follows CI Ratings’ similar revision of Oman’s sovereign ratings outlook to ‘positive’ from ‘stable’.

Sulaiman Al Harthi, CEO at OAB, said: “Reflecting the similarly positive momentum across the Sultanate’s wider economy, we are extremely pleased to share the news of Capital Intelligence Ratings’ revisions for OAB. We see this move as strong backing for the bank that will inspire further confidence in everything we are striving to achieve.”

He added, “Over the coming year, I share CI Ratings’ views and believe that OAB will continue to go from strength to strength, supported by strong economic growth. It’s a journey on which I am enthused to be steering us all."

CI Ratings expects OAB’s ratings to be upgraded in the next 12 months, reflected by the ‘positive’ outlook, thanks to an improving