S&P upgrades Commercial Bank’s rating to A- from BBB+

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Doha, Qatar, November 09, 2022: S&P Global Ratings have raised their long-term issuer credit rating on the Commercial Bank to 'A-' from 'BBB+' and affirmed the 'A-2' short-term rating. The outlook is stable. 

According to S&P, “We believe that Commercial Bank's stand-alone credit worthiness has strengthened, given improved asset quality and lower exposure to high-risk sectors and geographies." 

The ratings agency also highlighted the key role of the Qatari authorities in providing support to the Bank, as stated in the report: “The government's plan to reduce its debt ratios implies lower lending opportunities for the banking system. At the same time, we believe that systemwide asset-quality indicators will remain stable at contained levels over 2023." 

Joseph Abraham, Group Chief Executive Officer of Commercial Bank said: “This upgrade in Commercial Bank's rating by S&P reflects the Bank's strategy in continuing to reduce risks on its balance sheet while maintaining strong capitalization. For Commercial Bank, S&P's stable outlook reflects the Bank's improved quality of earnings generation, strong capital and liquidity and the focused execution of our five-year strategic plan." 

Commercial Bank is also rated by Moody's at A2/P-1 and Fitch at A-/F2, both with stable outlook.

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