Fitch downgrades Bank Oman

Fitch Ratings said it downgraded HSBC Bank Oman's long-term issuer default rating to BBB- from BBB.

The outlook is stable.

Fitch also said it placed Bank Muscat, National Bank of Oman, Ahli Bank SAOG, Bank Dhofar and Bank Sohar on Rating Watch negative.

The downgrades follow the downgrade of the Omani sovereign, the agency said.

The operating environment in Oman has become potentially even more challenging for banks, Fitch said.

The agency said it will resolve the negative watch after if analyzes the impact on the banks' credit profiles of the sovereign downgrade, the agency said.

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