Qatar Islamic Bank – Ratings Affirmed with a Stable Outlook
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QA005 2 2CRA00-01 3 May 2023
Qatar Islamic Bank – Ratings Affirmed with a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Long-Term Foreign Currency Rating (LT FCR) and Short-Term For eign Currency Rating (ST FCR) of Qatar Islamic Bank (QIB) at ‘AA-’ and ‘A1+’, respectively. At the same time, CI Ratings has affirmed QIB’s Bank Standalone Rating (BSR) of ‘a-’ , Core Financial Strength (CFS) rating of ‘a-’, and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR is Stable.
The Bank’s LT FCR is set three notches above the BSR to reflect the high likelihood of offici al extraordinary suppor t in case of need. This is based on the government’s strong track record of support for Qatari banks and its ownership stakes in all Qatari banks. The government’s financial capacity to support the Bank is also considered to be…