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Fitch upgrades Qatar Islamic Bank (QIB) rating to stable and affirmed 'A' rating
The report said “This action follows the revision of the Qatari sovereign's Outlook to Stable from Negative and affirmation of the country's Long-Term IDR at 'AA-' and reflects Fitch's view that Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-domestic funding. The fiscal deficit has narrowed sharply and we expect it to turn into a surplus in 2019. The economy has reconfigured its supply chains and continues to grow at a robust pace.”
The government has demonstrated a strong commitment to its banks and key public sector companies. The sovereign's capacity to support the banking system remains very strong owing to solid sovereign reserves and revenue, mostly from hydrocarbon production, despite lower oil prices.
Earlier this year, Fitch also affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A'. These ratings of QIB reflect its strong and well-established franchise in Qatar, with a market share of about 11% of total banking system assets at end-2017. It also factors in adequate profitability, sound asset-quality metrics, satisfactory capital ratios and sufficient liquid assets.
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