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MOODY’S REAFFIRM GLOBAL SCALE Ba3 RATING FOR AL OMANIYA FINANCIAL SERVICES AS OF 4 NOV 2015


Moody’s Investors Service reaffirmed Global Scale Rating to Al Omaniya Financial Services (AOFS), as of 04 November 2015.  The company has been assigned Ba3 corporate family rating.  The rating carries stable outlook.  AOFS Ba3 CFR incorporates 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 capitalization metrics, with tangible common equity standing at 22.9% of tangible managed assets as of September 2015.  Such metrics is higher that the global median for finance companies at around 16%.  AOFS has issued ‘unsecured compulsorily convertible bonds’ that increase its capital adequacy ratio to 26% as of September 2015.

One of the primary drivers of AOFS’ standalone profile is its strong asset risk metrics.  The company’s problem loans stood at 1.0% of its finance leases as of September 2015.  AOFS loan loss reserves to problem loans ratio stood at a very high 342% as of September 2015, which compares favourably to the global median for finance companies of around 100%.  AOFS exhibits high capitalization metrics and is one of the oldest and largest financing and leasing companies in Oman and exhibits solid profitability metrics reflecting its dominant franchise, particularly in working capital products for the corporate segment.

Net interest margins stood at 5.5% during the first nine months of 2015, which compares positively to the global finance companies’ median of around 4% during 2014.  AOFS cost to income ratio remained relatively low at 33% in 2014 comparing favourably to the 53% global median of finance companies peers.  Moody’s expect AOFS’ profitability to remain solid and above global and local peers, despite continued margin compression in the retail and SME segments, and tightening liquidity.

While AOFS’ market funding is broadly stable at 63% of its tangible banking assets as of September 2015, the company has improved its liquidity buffers, with on-balance sheet and committed contingent liquidity covering 74% of its debt maturing over the next two years (as of September 2015), up from 50% as of year-end 2013.  This improvement reflects the increased diversification, size and tenor extension of AOFS committed bank facilities.

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 2014 as well as for the first nine months of 2015 and is expected to maintain its dividend earnings. The company has achieved an asset size of RO 247 million and net profit (after tax) of RO 4.585 million as of 30 September 2015.  Further the company expects to maintain its profitability and business volume in the year 2015.  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.

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