Moody's ups BankMuscat to A3

Moody's Investors Service said it upgraded the long-term foreign-currency deposit rating and long-term foreign- and local-currency senior unsecured debt ratings of Oman-based BankMuscat to A3 from Baa1.

The outlook is positive.

The upgrade follows the upgrade by the agency of Oman's foreign- and local-currency country ceiling for bonds and bank deposits to A3/P-2 with a positive outlook from Baa1/P-2. The ratings are based on the strong likelihood of support from the Omani authorities, should the need arise, combined with the improved capacity of the government to provide such support as a result of the significant improvement in Oman's economic fundamentals over the past several years.

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