Fitch affirms Qatar Islamic Bank

Fitch Ratings said it affirmed Qatar Islamic Bank's long-term issuer default rating at A, short-term issuer default rating at F1 and QIB Sukuk Funding Ltd.'s $750 million sukuk issue of senior unsecured trust certificates at A.

The bank's ratings are driven by the high probability of support from the Qatari authorities, if required, Fitch said.

The ratings also consider high levels of credit concentration, built up through rapid credit growth since end-2007, although the agency said a large proportion of these exposures are to lower risk Qatari government-related entities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.