Moody's Investors Service has assigned a Baa3 rating to the senior tranche of the $800 million Euro Medium-Term Note Program of BankMuscat. The unsubordinated notes issued under this program will carry the Baa3 rating, while the subordinated notes will be rated when issued, stated a press release.
The Baa3 unsubordinated debt rating is at the same level as the Baa3 foreign currency deposit rating already assigned to BankMuscat. At the same time, Moody's has also revised the outlook on the bank's D+ financial strength rating from negative to stable.
Moody's existing ratings for BankMuscat, of Baa3/Prime-3 for long- and short-term foreign currency deposits, Baa3 for senior unsecured domestic currency and D+ for financial strength, reflect the bank's strong and growing franchise within Oman. The decision to revise the outlook on the bank' FSR reflects its improving financial fundamentals, underscored by solid earning power, rising levels of capitalization and improvements in its asset quality.
Bank Muscat is headquartered in Muscat, Oman and at the end of 2003 had total assets of 1.5 billion Omani rials (four billion dollars). — (menareport.com)
© 2004 Mena Report (www.menareport.com)
