Fitch Ratings amends its outlook for five Omani banks

Muscat: Fitch Ratings amends its outlook for five Omani banks to positive.

Fitch Ratings revised its outlook on five Omani banks from stable to positive, reaffirming their long and short-term ratings.

In a new report it published, it indicated that the five banks are Bank Muscat, Bank Dhofar, National Bank of Oman, Ahli Bank and Sohar International Bank.

Fitch Ratings stated that this amendment to the future outlook of the five banks came after the issuance of a similar measure regarding the sovereign rating of the Sultanate of Oman on April 11, 2023 from stable to positive. With the rating confirmed at “BB”.

It added that this reflects the agency's view of improving the possibilities of support provided to banks by the Omani government.

Fitch also revised its expectations of the operating environment for Omani banks to positive after it was stable.