S&P reaffirms 'A-/A-2' Long and Short-Term Counterparty Credit Ratings to Doha Bank |
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DOHA: Standard & Poor's Rating Services have reaffirmed its "A-/A-2" Long and Short-Term Counterparty Credit Ratings to Doha BankDoha Bank
. The rating agency also reaffirmed Doha BankDoha Bank's outlook as "Stable". In a recent statement released by the acclaimed rating agency, it observed that "the stable outlook mainly reflects Doha BankDoha Bank's good market position, strong financial performance and strong market capitalisation".
Justifying by the sustainable ratings, the global rating agency observed that Doha BankDoha Bank's financial performance is stellar with ample margins, strong efficiency, and low cost of risk supporting its sustainable profitability. The non-performing loan ratio being in line with the regional average along with good liquidity and the recently concluded oversubscribed rights issue reflecting on the sound capital adequacy ratio was highlighted by the global rating agency in the report.
The global rating agency concluded that the "Stable" Outlook on the Bank reflecting the strong shareholding structure, Bank>s commitment to consistently increase the capital during the last three years and the support the bank is receiving from the Qatari Authorities given the systemic importance of being the third largest bank in Qatar.
Chairman Doha BankDoha Bank Sheikh Fahad bin Mohammed bin Jabor Al Thani, while expressing his happiness said: "The ratings affirmation demonstrates the solid franchise and the strong financial fundamentals of our bank in meeting the ever-growing requirements of its stakeholders both in the local and the international arena".
Managing Director Doha BankDoha Bank Sheikh Abdul Rehman bin Mohammed bin Jabor Al Thani, while expressing his happiness said: "The strategic vision of the Board to converge Doha BankDoha Bank as one-stop financial service provider is getting build strongly; and indeed performance, innovation, security and quality are the hallmarks of Doha BankDoha Bank's sustaining performance truly recognised by the internationally acclaimed rating agencies".
Chief Executive Officer Doha BankDoha Bank R Seetharaman while expressing his happiness said: "Doha BankDoha Bank on being recognized with Brand Leadership Award in the 17th Asia Brand Congress confirms our strong brand equity founded on the core principles of innovation, performance and productivity. The ratings affirmation by Standard & Poor's on Doha BankDoha Bank is a strong testimony to our stakeholders' confidence."
© The Peninsula 2008
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