Moody’s could cut UAB, National Bank of Oman

Moody's Investors Service said it placed the baa3 adjusted baseline credit assessment (BCA) and Baa2 long-term deposit rating of United Arab Bank PJSC (UAB) under review for downgrade.

The agency also placed the baa3 adjusted BCA of National Bank of Oman (SAOG) under review for downgrade, and extended the current review for downgrade on the bank's Baa1 long-term deposit rating.

This action follows the March 7 placement of the ratings of Commercial Bank (QSC) (CBQK) under review for downgrade. The action on Commercial Bank (A1/Rating Under Review, Prime-1, BCA baa2) reflects both: (a) The potential weakening of Qatar government's capacity to support the banks, as indicated by the review for downgrade on its issuer rating; and (b) the potential impact of weakening operating conditions on the bank's standalone credit profile.

Commercial Bank has a 40% stake in United Arab Bank and a 35% stake in National Bank of Oman.

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