Mubasher: Moody's Investors Services assigned today provisional (P)Baa1 long-term senior unsecured rating to the $500 million Euro Medium-Term Note (EMTN) programme of Bank Dhofar SAOG.
This programme rating has been placed under review for downgrade, in line with the review for downgrade on the issuing bank's long-term deposit rating, it added.
The rating agency indicated that the assigned rating is aligned with Bank Dhofar's Baa1 long-term deposit rating.
Under the programme, Bank Dhofar may issue notes up to a maximum aggregate amount of $ 500 million.
Downward pressure on Bank Dhofar's ratings could develop from a combination of: a further weakening in the government's capacity to provide support, as indicated by a downgrade of Oman government's issuer rating at the end of the Sovereign review period; and/or a lower assessment of the willingness of the government to provide support than in the past, and/or a material deterioration in the bank's solvency or liquidity metrics, according to the rating agency.
