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S&P upgrades Oman’s banking sector

Standard & Poor's has upgraded Oman's Banking Industry Country Risk Assessment (BICRA) rating to group '4' from group '5,' Muscat Daily has reported. The rating agency also upgraded Oman's economic risk score to '4' from '6' and assigned an industry score of '4.' "Oman's institutional framework is shaped by what we view as the regulator's good track record, and adequate regulation and supervision, which are increasingly aligned with international standards," S&P said.