Fitch Affirms Commercial Bank's Rating At“A” With A Stable Outlook
(MENAFN- Gulf Times) Fitch Ratings has affirmed Commercial Bank's Long-Term Issuer Default Rating (IDR) at 'A' with a Stable Outlook. Fitch has also affirmed the Bank's Viability Rating (VR) at 'bb+'.
The rating reflects potential support from the Qatari authorities as reflected in its government Support Rating of 'a'. The Stable Outlook reflects that on the Qatari sovereign rating (AA/Stable).
According to Fitch, Commercial Bank's successful rating drivers are driven by:
Stable Domestic Operating Environment. Strong Domestic Franchise. Improving Profitability.
Joseph Abraham, Group Chief Executive Officer of Commercial Bank said:“Commercial Bank's stable outlook demonstrates the ongoing success of our strategic plan implementation and strong franchise.”
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/Prime-1 by Moody's, and A-/Stable/A-2 by Standard & Poor's. Both ratings with a stable outlook.
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