Doha, Qatar 18 November 2019: Al Khalij Commercial Bank (al khaliji) P.Q.S.C. announces that Fitch Ratings has affirmed its long-term issuer default rating (IDR) as 'A' with a 'stable' outlook.
Fitch defines those entities within 'A' rating as exhibiting “high credit quality and low default risk”. The bank's short term IDR rating has also been affirmed at 'F1'. The support rating and support rating floor have been affirmed at '1' and ‘A’.
Commenting on the affirmation of rating by Fitch, Fahad Al Khalifa – Group CEO said:
'Like our fellow Qatari banks, Al khaliji has successfully navigated though the challenges imposed on our business, and the affirmation of our rating by Fitch is a testament to that. Our strategy has always been to achieve an appropriate balance between risk and return for all stakeholders. We are grateful for the support of both the Qatar Central Bank and the State of Qatar which has allowed financial institutions to flourish in this stable economic climate.'
The assigned rating is an independent and objective opinion on the bank’s risk profile and risk management culture, which permeates across the al khaliji Group.