Tribune News Network
Doha
S&P Global Ratings has announced that it has reaffirmed its stable outlook on Commercial Bank of Qatar, a short-term rating of A-2, and a long-term rating of BBB+.
In a statement, S&P said, “The ratings on Commercial Bank reflect our view of the bank’s sound customer franchise in Qatar as the third-largest bank in the system, and earnings generation capacity.”
The ratings agency also shed light on the key role of the Qatari authorities in providing support to the bank in case of need. It said, “We classify Commercial Bank as having high systemic importance and consider the authorities in Qatar highly supportive of the country's banking sector.”
Commercial Bank Group Chief Executive Officer Joseph Abraham said, “This reaffirmation of a stable outlook by S&P is due to the continued prudent economic management by the State of Qatar and the Qatar Central Bank despite the challenges associated with COVID-19. For Commercial Bank, this reaffirmation comes on the back of Moody’s similarly unchanged stable outlook last week and together they show the strong confidence of the rating agencies in the bank’s key capital and liquidity metrics and its clear strategy and strong execution.”
Commercial Bank currently enjoys strong credit ratings from all the major agencies. In addition to S&P’s BBB+ rating, the bank’s long-term outlook is rated A by Fitch, and A3 by Moody’s. All ratings are with a stable outlook.
