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Forex ratings of OIB upgraded.

MUSCAT: The long-term foreign currency ratings of Oman International Bank (OIB) were recently upgraded as per a report published by Capital Intelligence (CI).

Capital Intelligence is the leading credit rating agency specialised in the analysis of counterparty credit risk of financial institutions.

Capital Intelligence's approach to assigning credit ratings involves a thorough evaluation of the quantitative and qualitative factors that may affect repayment capacity and is underpinned by transparent procedures and detailed methodologies, said a press release.

Ratings are only assigned when there is sufficient information available to form a credible opinion and are undertaken with the co-operation of the entity that is to be rated.

OIB's foreign currency long-term and short-term ratings have been raised to BBB+ and A2, respectively.

The bank's results showed improvement on the back of strong recoveries and provision write backs.

All other financial ratios in the year were good because of which a stable outlook has been assigned to all ratings.

The ratings reflect CI's increased confidence for the local banking sector. The financial strength is affirmed at BBB.

The ratings reflect the bank's sizeable retail customer franchise, good liquidity, high capital adequacy ratio and sound earnings profile.

Oman International Bank was established in 1984.

With total assets of $2.59 billion by the end of 2009, it is one of the premier banks in the country.

Oman International Bank has the second largest branch network in Oman with 83 branches.

It also operates the country's largest independent ATM network. The bank offers a wide range of products and services to companies and individuals and is also one of the largest issuers of credit cards in the country. The bank's customers include multinational enterprises active in Oman and the Gulf a well as leading local contracting, manufacturing and trading companies.

Muscat Press and Publishing House SAOC 2011

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Publication:Times of Oman (Muscat, Oman)
Date:Feb 2, 2011
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