News & Events

Moody’s assigns Ba3 (Global Scale) ratings to Al Omaniya Financial Services (SAOG)


Moody’s Investors Service has today assigned first-time global scale ratings to Al Omaniya Financial Services SAOG (‘AOFS’). The company has been assigned Ba3 long-term local and foreign currency issuer ratings. The ratings carry a stable outlook.

Moody’s notes that AOFS’s ratings reflect the company’s adequate financial fundamentals – specifically, its good profitability, asset quality and provisioning coverage and strong capitalisation. The ratings also capture the company’s position as one of the leading companies in the relatively small Omani leasing sector, its conservative risk appetite, experienced management and effective – albeit basic – risk management procedures.

However, the Ba3 ratings are constrained by AOFS’s reliance on wholesale funding and, in particular, on short-term borrowings from a small number of local banks and by the increased cost of funding as well as its monoline status – with practically all revenues coming from one business line.

AOFS’s ratings also take into account the ongoing financial support offered by the company’s shareholders.

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.

Headquartered in Muscat, Oman, Al Omaniya Financial Services SAOG had total assets of OMR114 million (US$297 million) as of end-September 2009 and has operated independently since 1997. It is classified as a non-bank financial company (NBFC) and is supervised by the Central Bank of Oman.

The CEO of the company Mr. Aftab Patel has commented that the company is very happy to get the global scale rating.  The company has performed reasonably well for the year 2009 and will maintain consistency in its earnings and dividends.  The company is also proposing to come out with a RO 20 million partly convertible bonds through a book building exercise.  The bonds issue will take place in the 2nd half of February 2010 subject to the approval of the Shareholders and regulatory authorities.
 

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