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Fitch affirms ratings of CBQ; outlook stable
DUBAI — Fitch Ratings has affirmed Qatar-based Commercial Bank of Qatar's (CBQ) ratings at Long-term Issuer Default (IDR) 'A', Short-term IDR 'F1', Individual 'C' and Support '1'. The Support Rating Floor is affirmed at 'A'. The Outlook for the Long-term IDR is Stable.
The IDRs are support driven and reflect the high probability of support available to CBQ from the Qatari authorities, if ever required, given the bank's systemic importance and the Central Bank's willingness and ability to maintain confidence in the local market. The Individual rating considers CBQ's solid domestic franchise and continuing strong earnings. It is constrained by large concentrations in loans and deposits, fast asset growth and narrowing capital ratios.
CBQ continues to perform extremely well under buoyant operating conditions in Qatar. Loan volumes have grown rapidly, leading to robust core income generation.
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