Muscat: Fitch Ratings, the international credit rating agency, has upgraded ahlibank's Viability Rating (VR) to 'bbb-' from 'bb+'. The rating agency has also affirmed ahlibank's long-term Issuer Default Rating (IDR) at 'BBB+' with 'stable outlook'.
ahlibank's IDRs, support rating and support rating floor reflect Fitch's view of the high probability of support from Omani authorities, given the government's strong supportive stance towards the domestic banking system. Fitch's credit rating, depict ahlibank's solid profitability, adequate liquidity, sound capitalisation as well as the strong support of its strategic partner Ahli United Bank.
Lloyd Maddock, chief executive officer of ahlibank said, "Our profitability ratios compare reasonably well with our peers. The bank's costs are well controlled, our loan quality remains sound and deposit base has proven historically stable, mitigating concentration risks."
"We are pleased to have our high credit rating affirmed by leading international agency Fitch yet again; the ratings are a testament to the major strides and remarkable emergence of ahlibank as a bank at the forefront of the financial services industry. We are proud of the bank's track record in being a well-governed, balanced and well-positioned banking entity that is active and ready to contribute to initiatives within the country and abroad."