• Fitch Ratings’ affirmed the Long-Term Issuer Default Rating (IDR) at 'A' with a ‘Stable’ Outlook
• Moody’s affirmed A3/Prime-2 deposit ratings with a ‘Stable’ Outlook
Doha, 10 November 2020: Al Khalij Commercial Bank (al khaliji) P.Q.S.C. announces that rating agencies Fitch and Moody’s have affirmed the banks ratings as 'A' with a 'stable' outlook and A3/Prime-2, with a “stable” outlook respectively.
Fitch defines those entities within 'A' rating as exhibiting adequate assets quality, improving profitability and low default risk”. The bank's short term IDR rating has also been affirmed at 'F1'.
In addition, Moody’s has also affirmed the banks ratings as A3/Prime-2 for deposit with a ‘Stable’ outlook that reflects bank's “good asset quality, solid capitalization, and strong liquidity”.
Commenting on the affirmation of the ratings by Fitch and Moody’s, Fahad Al Khalifa – Group CEO said:
'Al Khaliji has successfully navigated though the challenges of the COVID 19 pandemic with a strong capital base, good liquidity, prudent provisioning and efficient control of costs. Our strategy has always been to achieve an appropriate balance between risks and return for all stakeholders, which has been possible due to a strong Qatari economy and a very well regulated financial sector. The affirmation of our ratings by Fitch and Moody’s is a testament to that'.
The assigned ratings are an independent and objective opinion on the bank’s risk profile management culture and risk.