Doha,
HE Doha Bank Group Chief Executive Officer (CEO) Sheikh Abdulrahman bin Fahad bin Faisal Al-Thani said that Fitch Ratings’ upgrading of Doha Bank’s credit rating is consistent with the Bank’s efforts to strengthen its finances and develop its business in accordance with Qatar Central Bank’s strategic objectives, enhancing the State of Qatar’s financial stability and maintaining the development of its national economy.
Fitch Ratings upgraded Doha Bank’s Long-Term (LT) Issuer Default Ratings (IDRs) from ‘A-‘ to ‘A’ and considered the Bank’s outlook as ‘stable’.
The rating actions follow the upgrade of the State of Qatar’s sovereign rating to ‘AA’ with a ‘stable’ outlook, reflecting confidence in the State’s increased ability to support economic stability.
Fitch Ratings said that the State of Qatar’s high sovereign rating enhances its ability to intervene in the event of any shocks to the banking system and reduces exposure to potential risks. (QNA)
