Oman International Bank's ratings affirmed and withdrawn
- Oman: Saturday, September 15 - 2012 at 10:56
- PRESS RELEASE
Capital Intelligence (CI), the international credit rating agency, has affirmed and withdrawn the ratings of Oman International Bank (OIB) following its merger with the Oman operations of HSBC Bank Middle East Limited in June 2012, which resulted in changes to the ownership, board and management of the Bank. The merged entity has been renamed HSBC Oman and is 51% owned by HSBC Bank Middle East Limited.
The Financial Strength Rating at that time was affirmed at 'BBB', with the Bank's sizeable retail customer franchise, very good liquidity and high capital adequacy ratio underpinning the rating.
The Foreign Currency Ratings were maintained at 'BBB+' Long-Term and 'A2' Short-Term, with a Support Rating of '3'. The ratings reflected the high likelihood of support from the government in case of need. 'Stable' Outlooks were assigned to all ratings.
Capital Intelligence (CI) has been providing credit analysis and ratings since 1985, and now rates over 400 Banks, Corporates and Financial Instruments (Bonds & Sukuk) in 37 countries. A specialist in emerging markets, CI's geographical coverage includes the Middle East, the wider Mediterranean region, Central and Eastern Europe, South Asia, South-East Asia, the Far East, and North and South Africa.
Having established a strong reputation in the area of bank analysis, CI's range of services has expanded over time to include corporate credit ratings and the rating of bonds and other financial obligations. CI also provides analysis and rating services for Islamic institutions, including non-bank financial institutions. In addition, to meet the requirements of capital market participants in countries with low or sub-investment grade sovereign ratings, CI has adopted National Ratings, which provide country-specific rather than internationally comparable credit assessments.
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