S&P upgrades BankMuscat

S&P said it raised its issuer rating for BankMuscat SAOG to BB from BB-.

“The upgrade of the bank follows a similar action on Oman. We raised our long-term sovereign rating on Oman because we expect a significant improvement in the economy's external balance sheet this year and for the government to return to a small net asset position in 2023,” S&P said in a press release.

The outlook is stable.

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