...Institutional Support Drives Ratings: HSBC Bank Oman SAOG's (HBON) Issuer Default Ratings (IDRs) reflect a high probability of support from its ultimate parent, HSBC Holdings plc (AA-/Stable/aa-; 51% stake). HBON's IDRs are capped by the Omani Country Ceiling. The Negative Outlook on HBON indirectly reflects the Negative Outlook on Oman, as a sovereign downgrade would likely be accompanied by a downward revision of the Country Ceiling. HBON's Viability Rating (VR) reflects HSBC's ordinary support, which underpins the bank's adequate domestic franchise, competent management, lower risk appetite compared with domestic peers, good risk controls, resilient loan quality, strong core capital ratios, stable funding and strong liquidity. It also considers the tougher Omani operating environment, profitability that is lower than peers, and high concentration risks, albeit lower than peers. Benefits From HSBC Franchise: The HSBC group underpins HBON's good brand, client relationships, deposit collection,...
