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Fitch downgrades National Bank of Oman

Fitch Ratings on May 23 downgraded National Bank of Oman SAOG's long- and short-term foreign-currency issuer default ratings to BB+/B from BBB-/F3, with a negative outlook on the long-term rating.

The rating agency also downgraded the bank's viability rating to "bb+" from "bbb-" and affirmed its 3 support rating and BB+ support rating floor.

The downgrade reflects the bank's weakening asset quality metrics and the increasing pressure on the highest viability ratings in Oman from a more challenging operating environment, the agency said. Asset quality deterioration is particularly in relation to the bank's poorly executed regional diversification efforts, it added.

Fitch said the negative outlook on the bank's long-term issuer default rating reflects that on the sovereign's.