Moody’s upgrades Bank Muscat’s FC deposit rating

Moody's Investors Service has upgraded the long-term foreign currency deposit rating of Bank Muscat SAOG (Oman) to A1 from A2. The rating has a stable outlook.
With BM's long-term local currency rating set at A1, the change in the foreign currency deposit ceiling of Oman to A1 from A2 implies that the foreign currency deposit rating is no longer constrained by the respective ceiling. Hence the bank's long-term foreign currency deposit rating is upgraded to A1 and is set at the same level as the long-term local currency rating.
In the earlier sovereign action, Moody's also upgraded Oman's government bond rating to A1 from A2, but this has had no impact on the Omani banks' local currency deposit ratings.
Bank Muscat reported consolidated total assets of OMR 5.85 bln (USD 15.195bln) at end-December 2009.