Doha, Qatar: Fitch Ratings has again affirmed Commercial Bank’s unchanged long-term issuer default rating at “A-” with a positive outlook.
The rating is driven by a “strong propensity” of support from the Qatari authorities and reflects Qatar’s strong ability to support domestic banks.
As per the report released by Fitch, Commercial Bank’s strong commercial banking franchise is underpinned by established public and private corporate relationships. According to Fitch, Commercial Bank has succeeded in executing its sound strategy and the rating reflects:
- Improving profitability.
- Having a strong domestic franchise that holds a competitive edge and is supported by a clear strategy.- Stable domestic operating environment.
Joseph Abraham, Group Chief Executive Officer of Commercial Bank said: “The reaffirmation of Commercial Bank’s positive outlook reflects the continued successful execution of our strategic plan”.
With Fitch’s rating in place, Commercial Bank currently enjoys strong credit ratings from all the major agencies. The Bank’s long-term outlook is rated A2 by Moody’s, and A- by Standard & Poor’s. Both ratings with a stable outlook.
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