Fitch cuts Sohar International

Fitch Ratings said it downgraded Sohar International Bank SAOG's long-term issuer default rating to B+ from BB. The outlook is stable. Fitch also downgraded the bank's viability rating to b+ from bb.

The rating actions follow the downgrade of Oman's sovereign ratings to BB with a negative outlook on Thursday and consider the impact on the Omani banking sector operating environment, and the bank's credit profile as well as the sovereign's ability to support the banking system.

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