Fitch cuts Bank Muscat

Fitch Ratings said it downgraded Bank Muscat SAOG's long-term issuer default rating to BB from BB+. The outlook is negative. Fitch also downgraded the bank's viability rating to bb from bb+.

The rating actions follow the downgrade of Oman's sovereign rating on Thursday to BB and consider the effect on the Omani banking sector operating environment and on the bank's credit profile as well as the sovereign's ability to support the banking system.

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