Fitch cuts Al Khalij Commercial viability

Fitch Ratings said it affirmed Al Khalij Commercial Bank QSC's long-term issuer default rating at A with a negative outlook and downgraded its viability rating to bb from bb+.

Fitch said the downgrade of the viability rating reflects a less resilient business model to pressure from the domestic operating environment. This takes into account deterioration in the bank's asset quality, particularly due to higher past due but not impaired loans, and a weak funding structure with relatively lower deposit funding and high funding concentration.

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