Fitch rates Bank Sohar BBB+

Fitch Ratings said it assigned Bank Sohar a long-term issuer default rating of BBB+ and short-term issuer default rating of F2.

The outlook is stable.

The ratings reflect expectations of a high probability of support, if needed, from the Omani government, given the state's 43% stake in the bank, Fitch said, and its systemic importance.

The ratings also consider its good commercial franchise and rising market share in a narrow and competitive market, the agency said.

The ratings are constrained by the bank's short financial track record, concentration risks in loans and deposits, continuing rapid loan growth and relatively tight capital position, Fitch added.

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