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Fitch trims HSBC Bank Oman to BB
Fitch Ratings said it downgraded HSBC Bank Oman 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 action on the bank also considers 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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