Doha Bank's recent credit rating upgrade aligns with its efforts to strengthen resilience and develop its operations in accordance with the strategic objectives of the government and the Qatar Central Bank, according to its top official.
The upgrade and the subsequent operational strength "contributes to solidifying Qatar's financial development in the national economy", said Sheikh Abdulrahman bin Fahad bin Faisal al-Thani, Group Chief Executive Officer of Doha Bank.
His statement came after global credit rating agency Fitch raised Doha Bank's credit rating from 'A-' to 'A', and upgraded the outlook to 'stable' from 'positive.'
This was due to the recent upgrade of Qatar’s sovereign rating, which reflects the increased confidence in the country's ability to bolster its economic stability.
Fitch had said Qatar's solid sovereign credit rating enhances its ability to intervene to address any shocks that the banking system may face and reduces exposure levels to potential risks.
Related Story