Moody’s Affirms Commercial Bank of Qatar Credit Rating at
‘A3’ with ‘Stable Outlook’
23 June
2020
Moody’s Corporation, a well-known credit rating agency, has affirmed
the credit rating of the Commercial Bank of Qatar, in term of the Bank’s
ability to fulfill its financial obligations ‘Issuer Default Rating IDR’
at ‘A3’ with ‘Stable Outlook’ forecasts.
In a statement by Moody’s, the agency said that despite the global
outbreak of the novel coronavirus COVID 19 and its huge negative
fallouts on the movement of business and on the countries’ economies,
the Commercial Bank of Qatar has succeeded to maintain its ability to
fulfil its obligations on the long run by achieving ‘A3’ rating with
‘Stable Outlook’.
The rating by Moody’s was based on the strength points the bank
enjoys stemming from diversified financing resources, liquidity adequacy
as well as the bank’s ability to receive government support on demand
and advanced risk management methods.
Mr. Joseph Abraham, Commercial Bank Group CEO, confirmed that the
Bank’s rating by Moody’s reflects a stubborn liquidity and sage
management of risk besides the Bank’s success in implementing its 5-year
strategic plan.
In addition to Moody’s rating, the Commercial Bank of Qatar holds a
number of solid rating from prominent rating agencies. The Bank’s
long-term outlook was rated at ‘A’ by Fitch and at ‘BBB+’ by S&P while
the outlook ratings are stable by all credit rating agencies.