MUSCAT : In its report, Moody’s clarified that those banks are Bank Muscat, HSBC Bank Oman, Bank Dhofar, National Bank of Oman, Sohar International Bank, Oman Arab Bank and Bank Nizwa.

Moody’s pointed out that it changed its outlook for banks due to their association with the sovereign assets in the country, and changed the outlook for sovereign assets to positive.

Moody’s has affirmed the Baseline Credit Assessments (BCAs) and Adjusted BCAs of the seven banks. It said in a statement that the rating actions follow its affirmation of Oman government’s ‘Ba3’ issuer rating and change in outlook to ‘positive’ from ‘stable’.

The agency added that its long-term rating for Bank Muscat, HSBC Bank Oman, National Bank of Oman, Bank Dhofar, Sohar International Bank and Oman Arab Bank in foreign and local currencies remains at ‘Ba3’.