Ratings of Ahli Bank (Oman) Lowered following Sovereign Rating Action

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Ahli Bank (AB) in Oman to 'BB+' and 'B', respectively, from 'BBB-' and 'A3'. The change follows the recent downgrade of Oman's sovereign ratings to 'BB+'/'B'/Negative (from 'BBB-'/'A3'/Negative). AB's Bank Standalone Rating (BSR) has also been lowered to 'bb' from 'bb+. , largely due to the deterioration in the operating environment as a result of the coronavirus (Covid-19) pandemic and the sharp drop in oil prices. For this reason, our Operating Environment Risk Anchor (OPERA) has also been adjusted to 'bb-' from 'bb'. The Outlook for both the LT FCR and BSR remains Negative.

Attachments

• Rating Announcement (CRA)
  PDF Download Available