Fitch cuts National Bank of Oman

Fitch Ratings said it downgraded National Bank of Oman SAOG's long-term issuer default rating to BB- from BB. The outlook is negative. Fitch also downgraded the bank's viability rating to bb- from bb.

The rating actions follow the downgrade of Oman's sovereign ratings to BB with a negative outlook on Thursday and consider the effect on the Omani banking sector operating environment, and the bank's credit profile as well as the sovereign's ability to support the banking system.

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