Mubasher: The Commercial Bank (CBQ) said that the global rating agencies Fitch and Moody’s have upgraded their outlook of the bank to “Stable”, according to a bourse disclosure on Sunday.
Fitch affirmed the long-term issuer default rating (IDR) of CBQ at “A” and Moody’s affirmed it at “A3”.
The ratings reflect the strength of Qatar’s economy and the banking sector.
“Qatar has demonstrated strong financial performance despite the diplomatic boycott by three GCC neighbours, with Moody’s expecting no change in the capacity of the government to support the country’s banks,” CBQ noted in the disclosure.
CBQ has also maintained strong asset quality, capital, and liquidity buffers.
Assets total about QAR 139.9 billion as registered on 30 June 2018, with CBQ providing its services through 29 branches and 174 ATMs.
