Moody's rates NBO, IDB

14 July 2006
Moody's Investors Service has upgraded National Bank of Oman's D- financial strength rating from stable to positive, recognising 'the improvement in the bank's financial fundamentals over the recent reporting periods and our expectation these positive trends will continue'.
Moody's Investors Service has upgraded National Bank of Oman's D- financial strength rating from stable to positive, recognising 'the improvement in the bank's financial fundamentals over the recent reporting periods and our expectation these positive trends will continue'.

The bank has increased its capitalisation and reduced the number of non-performing loans. The upgrade also reflects Commercialbank's managerial control of NBO (MEED 9:6:06).

Moody's has also assigned the Islamic Development Bank (IDB) an Aaa long-term and a prime 1 short-term issuer rating with a stable outlook. IDB is planning to raise international finance for a new poverty alleviation fund and to increase allocations through the Al-Aqsa Fund to the Occupied Territories (MEED 16:6:06).

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