Fitch upgrades Commercial Bank’s rating to ‘A’ with stable outlook

Fitch upgrades Commercial Bank’s rating to ‘A’ with stable 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

Fitch Ratings has upgraded Commercial Bank’s rating to ‘A’ with a stable 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 the substantial net foreign assets and revenue.Commercial Bank Group CEO Joseph Abraham said: “Commercial Bank’s stable outlook reflects Qatar’s sovereign upgrade in March and 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.Commercial Bank’s long-term outlook is rated ‘A2’ by Moody’s, and A- by Standard & Poor’s. Both ratings are with a stable outlook.

Fitch upgrades Commercial Bank’s rating to 'A' with stable outlook