Mubasher: The international rating agency Standard & Poor’s (S&P) downgraded its credit rating for Bank Muscat to ‘-BBB-/A-3’, with stable outlook after the downgrade of of Oman’s sovereign rating to ‘BBB-‘ from ‘BBB+’, the agency said in report issued on Tuesday.
S&P attributed the lender’s rating to the downgrade of the sultanate’s long and short-term foreign currency ratings to ‘A-’" and ‘A2’ from ‘A’ and ’A1’, respectively with negative outlook.
It also ascribed the bank’s downgrade to the negative impact of falling oil prices on the GCC financial indicators.
Recently, Capital Intelligence has revised Bank Muscat’s long and short-term foreign currency rating to ‘A-‘ and ‘A2’ from ‘A’ and 'A1’, respectively.
The stock fell by 0.91% to OMR 0.44 at the end of Tuesday’s trading.
