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Fitch affirms Qatar Islamic
Fitch Ratings said it affirmed Qatar Islamic Bank's long-term issuer default rating at A with a stable outlook, short-term issuer default rating at F1,
viability rating at bbb, support rating at 1 and support rating floor at A and Qatar Islamic Bank Sukuk Funding Ltd.'s
senior trust certificates at A.
The bank's issuer default ratings, support rating and support rating floor reflect Fitch's view that there would be an extremely high probability of support from the Qatari Authorities, if needed.
The agency said Qatar Islamic Bank's viability rating reflects its healthy capitalization, steady earnings, strong asset quality ratios, solid stock of liquid assets and established franchise in Qatar's sound operating environment.
The viability rating also considers Qatar Islamic Bank's concentrations on both sides of the balance sheet and significant real estate exposure and rising financing/deposit ratio, Fitch added.
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