Moody’s, a global credit rating agency, has affirmed Commercial Bank’s long-term issuer default rating at ‘A3’ with a stable outlook.
Despite the global spread of Covid-19 and its substantial impact on business activities and economies, Commercial Bank has maintained a long-term issuer default rating at ‘A3’ and maintained its outlook at stable, according to Moody’s.
The rating is due to the bank’s strengths, which stem from the diversified funding and solid liquidity buffers, a very high probability of support from the Government of Qatar in case of need, and the bank’s improved risk management.
Commercial Bank Group Chief Executive Officer Joseph Abraham said, “This reaffirmation by Moody’s is due to the continued prudent economic management by the State of Qatar and the Qatar Central Bank despite the challenges associated with Covid-19. For Commercial Bank, this reaffirmation reflects our strong liquidity and prudent risk management and the continued successful execution of our five-year strategic plan.”
In addition to Moody’s latest ratings, Commercial Bank currently enjoys strong credit ratings from all the major agencies.
The bank’s long-term outlook is rated ‘A’ by Fitch, and ‘BBB+’ by Standard & Poor’s. All ratings with a stable outlook.