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MOODY’S reaffirm Global Scale Ba3 rating for Al Omaniya Financial Services for the year 2011


Moody’s Investors Service reaffirmed Global Scale Rating to Al Omaniya Financial Services (AOFS).  The company has been assigned Ba3 long-term local and foreign currency issuer ratings.  The rating carries stable outlook. 

Moody’s notes that AOFS ratings reflect (i) AOFS’s good profitability, asset quality, provisioning coverage and capitalisation (ii) Its niche position as one of the leading companies in the relatively small Omani leasing sector (iii) Its conservative risk appetite and basic yet effective risk management procedures.

Moody’s further notes the rating are constrained by AOFS’s reliance on wholesale funding as well as its monoline status with practically all revenues coming from one business line.

Moody’s further notes that AOFS is one of the six leasing companies operating in Oman since 1997 and it is classified as non-banking financial company (NBFC) and is supervised by the Central Bank of Oman.  During the year the company issued compulsorily convertible bonds of RO 7.7 million to its existing shareholders, which will be converted into equity shares at the end of 24 months.  This issuance will help AOFS meets the CBO capital requirements as well as fund future growth and maintain capitalisation at good levels.  Bottom line profitability was up by 10% year on year during the first nine months of 2010 due to higher volumes of business, lower cost of funding as interest expenses were down by 17.8%.   Moody’s rating also noted AOFS is the largest NBFC in Oman with an estimated market share of 25%.  In addition to competition from the five other leasing companies, AOFS faces competition from an increasing number of banks offering similar leasing products.

AOFS is well positioned to leverage its long term expertise developed over 13 years of operation as a specialised lender and usually the lender of choice for major suppliers of capital goods and automobiles in the country it concludes.

 
 
The principal methodology used in rating this company was Moody’s “Analysing the Credit Risks of Finance Companies” rating methodology, published in October 2000, which is available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory on Moody’s website.

Mr. Aftab Patel, Chief Executive Officer of AOFS further stated that it was indeed gratifying to note Moody’s reaffirmation of company’s global scale ratings.  AOFS is the only NBFC rated on the Global Scale and is the largest NBFC in the country.  The company has performed well in the year 2010 and is expected to maintain its dividend earnings.  Further the company expects to grow significantly in profitability, and business volume in the year 2011.  AOFS is not only the largest in asset size but also highest in net worth, largest in market capitalisation, lowest in non-performing assets and highest in profitability amongst all NBFCs in the country. 

 


PRESS STATEMENT ISSUED BY MR. AFTAB PATEL, CEO
AL OMANIYA FINANCIAL SERVICES SAOG

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