The impact of the pandemic and the oil price war is also impacting the banking sector in the Middle East. Credit rating agencies are most likely to put the Middle Eastern banking sector under review for downgrade. New York-based financial services company Standard and Poor's (S&P) revised its outlooks of a few banks in the UAE such as First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Mashreqbank, Sharjah Islamic Bank and National Bank of Fujairah to negative, while affirming long and short term issuer credit ratings on these entities. Last month, credit rating agency Moody's downgraded the long-term local and foreign currency deposit ratings of five Omani banks. These banks include Bank Muscat, Bank Dhofar, National Bank of Oman, Sohar International Bank and Oman Arab Bank.