Fitch ups Qatar Islamic Bank viability

Fitch Ratings said it upgraded Qatar Islamic Bank's viability rating to bbb from bbb-.

The agency also affirmed the long-term issuer default rating at A with a stable outlook.

“The upgrade of the VR mostly reflects QIB's strong Qatari Islamic franchise, which is highly beneficial to the bank's financial profile over the cycles,” the agency said in a news release.

“The bank attracts inexpensive retail deposits, which form the core of its funding and translate into cheaper cost of funding compared with peers.”

© 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.