Moody's reaffirms Ba3 rating for Al Omaniya Financial

10/11/2015 08:52 AST

Moody's Investors Service has reaffirmed the Global Scale Rating of Al Omaniya Financial Services (AOFS), the Omani non-banking financial services company said in a statement. The company has been assigned a Ba3 corporate family rating. The rating carries a stable outlook. AOFS' Ba3 CFR incorporates a one-notch uplift from the Company's B1 issuer rating.

Moody's notes that AOFS ratings reflect Oman's softening operating environment, AOFS' strong asset quality, moderated by high borrower concentrations, AOFS' high capitalization levels and solid profitability metrics reflecting a growing franchise. These strengths were moderated by weakened though improving liquidity buffers combined with high asset encumbrance.

AOFS established in 1997 in Oman, is a boutique finance house providing conventional financing products. AOFS exhibits high capitalisation metrics, with tangible common equity standing at 22.9 per cent of tangible managed assets as of September 2015. Such metrics are higher that the global median for finance companies at around 16 per cent.

AOFS has issued 'unsecured compulsorily convertible bonds' that increase its capital adequacy ratio to 26 per cent as of September 2015, the company said.


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