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International credit rating agency Fitch Ratings has affirmed Qatar Islamic Bank’s (QIB) long-term Issuer Default Rating (IDR) at ‘A’, with a stable outlook, according to a market disclosure on the Qatar stock exchange.
QIB’s Viability Rating (VR) has also been affirmed at ‘bbb’.
The stable outlook on the IDR reflects that on the Qatari sovereign rating, at ‘AA’, stable, according to Fitch, while the VR reflects the bank’s exposure to Qatar’s operating environment, “underpinned by its domestic Islamic banking franchise, sound asset quality despite high concentration, and solid profitability,” it added.
High hydrocarbon prices continue to support the domestic operating environment for Qatari banks, the ratings agency added.
(Writing by Bindu Rai, editing by Seban Scaria)
