Moody's Affirms Commercial Bank's Rating At 'A3/Prime-2' With Stable Outlook
Date
6/25/2024 4:00:57 AM
(MENAFN- The Peninsula)
The Peninsula
Doha, Qatar: Moody's, a global credit rating agency, has affirmed Commercial Bank's short-term and long-term deposit rating at“A3/Prime-2” with a stable outlook.
According to Moody's, Commercial Bank's ratings reflect their expectations that the Bank's capitalization and liquidity will remain steady against ongoing asset quality pressure, downside risks from the Bank's balance sheet concentrations, and high reliance on market and external funding.
The ratings are due to the Bank's strengths which stem from strong profitability and efficiency, moderate capital buffers that are above regulatory requirements, healthy liquidity, and a heightened likelihood of support from Qatari authorities when needed.
Joseph Abraham, Group Chief Executive Officer of Commercial Bank said:“This reaffirmation by Moody's emphasizes Commercial Bank's committment in meeting the financial obligations of the banking sector in Qatar. Our credit ratings reaffirm our proactivity in risk management, strong market presence, and sufficient liquidity; all of which are integral in executing our five-year strategic plan.”
In addition to Moody's latest ratings, Commercial Bank currently enjoys strong credit ratings from all the major agencies. The Bank's long-term rating is rated A by Fitch with a stable outlook, and A- by S&P with a stable outlook.
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