Fitch cuts Bank Muscat to BB-

Fitch Ratings said it downgraded Bank Muscat SAOG's long-term issuer default rating to BB- from BB.

The rating action follows the downgrade of Oman's sovereign rating on Aug. 17 to BB- from BB. Besides the sovereign downgrade, the rating actions on the bank consider the downside risks to its credit profile resulting from the economic and financial implications of the pandemic, Fitch said.

The outlook is negative.

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