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Bond Market News
Omani Banks Upgraded by Fitch
December 12, 2025
Bank Dhofar, National Bank of Oman (NBO) and Bank Muscat were all upgraded by a notch to BB+, BB+ and BBB- respectively by Fitch. The upgrades follows the Oman’s sovereign rating upgrade to BBB- earlier this week. The upgrades reflect Fitch’s view of an improved ability of the Omani authorities to support domestic banks and improving operating conditions for Omani banks. The ratings of these banks are supported by their strong financial metrics, leading market position and balanced risk profile as per Fitch. Business conditions remain favourable for Omani banks, supported by high, but moderating, oil prices. Oman authorities’ commitment to diversifying the economy as part of Vision 2040 should provide growth opportunities for banks, the rating agency added. Bank Dhofar has an extensive domestic branch network and strong retail presence. Its business mix is well diversified across retail, corporate, and government lending. NBO’s profitability has strengthened due to higher revenue, lower operating costs, and reduced loan impairment charge. Bank Muscat’s asset quality has been stable with a Stage 3 loans ratio of 3.6% at end 3Q2025, the lowest among domestic peers.
Dollar bonds of these banks traded with a positive bias. For instance, NBO’s 6.625% Perp was up 0.2 points to 100.2, yielding 6.57%.
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