Moody’s assigns ratings to Bank Sohar

Moody's Investors Service said it assigned Bank Sohar SAOG Baa3/Prime-3 long- and short-term local- and foreign-currency deposit ratings, respectively, ba2 baseline credit assessment and a ba2 adjusted BCA.

The long-term deposit ratings carry a negative outlook.

The agency also assigned a long- and short-term counterparty risk assessment of Baa2(cr)/ Prime-2(cr).

Moody’s said the ba2 baseline credit assessment reflects the bank's sound profitability supported by a strong corporate franchise, combined with modest capitalization.

Bank Sohar’s rapid growth and credit concentrations, combined with high reliance on market funding and modest liquid resources, moderate these strengths.

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