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14 May 2019, Gergana Bencheva, EMIS Editor

Oman sets up own credit bureau

Oman will have its own independent credit rating agency, Arabian Business reported referring to a Royal Decree which regulated the move. Under the terms set up in the decree, Oman Credit bureau will be responsible for rating individual credit history and assessing the creditworthiness of customers and their ability to pay off their debt.

The new entity will also collect individual and company data related to loans, delays and defaults, as well as salaries, employment or pension information. On one hand, it will be connected to the Central Bank of Oman and on the other, all financial institutions in the sultanate will be obliged to be its members.

Last month, S&P Global Ratings cut Oman's outlook to negative but affirmed its debt score at “BB”. Fitch Ratings and Moody's Investors Service have given the country one score higher, Arabian Business noted.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Arabian Business