S&P Affirms Commercial Bank's Rating At A-/Stable/A-2
Date
11/20/2024 4:46:18 AM
(MENAFN- The Peninsula)
The Peninsula
Doha: Standard & Poor's (S&P) Global Ratings has affirmed Commercial Bank's issuer credit ratings at A-/A-2 with a stable outlook.
According to S&P,“The stable outlook on Commercial bank reflects our view that the Bank will continue to reduce the proportion of Real estate related risks on its balance sheet while maintaining strong capitalization.”
The ratings also incorporate the extraordinary support provided by Qatari Authorities noting that Commercial Bank has a high systemic importance in Qatar:“The long-term rating on Commercial Bank is three notches higher than its stand-alone credit profile.”
Joseph Abraham, Group Chief Executive Officer of Commercial Bank said:“The rating affirmation with a stable outlook by S&P reflects our Bank's well-established corporate franchise in Qatar. With the strong position of Qatar's government and economy, the enduring strength of Commercial Bank's balance sheet has resulted in sound earnings generation
capacity.”
Commercial Bank is also rated 'A2' by Moody's with a stable outlook and 'A' by Fitch with a stable outlook.
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