Fitch Affirms Commercial Bank’s Rating at ‘A’ With Stable Outlook

Fitch Ratings has affirmed Commercial Bank's long-term Issuer Default Rating (IDR) at 'A' with a stable outlook.

The agency 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),” Commercial Bank said Monday.

According to Fitch, Commercial Bank’s successful rating drivers are driven by a stable domestic operating environment, strong domestic franchise and improving profitability.

Commercial Bank Group Chief Executive Officer Joseph Abraham said, “We are pleased with the reaffirmation of our rating and stable outlook, which reflect our strong execution of our strategic focus, robust franchise, and resilience.”

With Fitch’s rating in place, Commercial Bank continues to enjoy strong credit ratings across all major agencies.

Commercial Bank is rated A2 by Moody’s and A- by Standard & Poor’s. Both ratings come with a stable outlook.