Fitch raises Ahli Bank

Fitch Ratings said it upgraded Ahli Bank SAOG’s long-term issuer default ratings to BB- from B+.

The upgrade reflects Oman’s improved ability to support the banking sector, the agency said.

“Oman's external balance sheet position has significantly improved, and we expect this will be sustained over the rating horizon. In particular, Fitch forecasts government debt/GDP ratio will fall to 46.7% in 2022 and 44.9% in 2023, from around 70% in 2020, on better budget performance and oil-fueled nominal GDP growth in 2022 (forecast at 24%). Additionally, sovereign net foreign assets are forecast to turn positive by end-2022 at 1% of GDP (2021: -6.3%) before increasing to 4.6% of GDP in 2023,” the agency said in a press release.

The outlook is stable.

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