Fitch Ratings has affirmed Commercial Bank’s unchanged long-term issuer default rating at “A” with a stable outlook.The rating stems from the strong ability of the Government of Qatar to support its banks, and reflects Fitch’s “expectation of an extremely high probability of support from the Qatari authorities for domestic banks in case of need.”
According to Fitch, Commercial Bank has succeeded in executing its turnaround strategy that began in 2016 by:
•    Strengthening its core capitalisation;
•    Reducing its concentration in real estate and contracting and increasing government and public sector exposure;
•    Improving operational efficiency; and
•    Strengthening risk controls and oversight of international operations.
 
Joseph Abraham, Group Chief Executive Officer of Commercial Bank said: “The reaffirmation of the Bank’s stable outlook is due to prudent economic management by the Government of Qatar, despite the challenges imposed by COVID-19. For Commercial Bank, this reaffirmation reflects our prudent risk management and the continued successful execution of our five-year strategic plan.”
 With Fitch’s rating in place, Commercial Bank currently enjoys strong credit ratings from all the major agencies. The Bank’s long-term outlook is rated A3 by Moody’s, and BBB+ by Standard & Poor’s. All ratings with a stable outlook.