Moody's Affirms QIIBs Rating at A2

Doha, July 08 (QNA) - QIIB has announced that the international credit rating agency Moody's has affirmed QIIB's rating for the second consecutive year at A2, which is a sign of strength of the bank's financial position. Moodys decision to affirm the ratings of QIIB reflects the resilience in the banks financial performance underpinned by continued strong asset quality and capital buffers, QIIB said in a press release on Saturday Moody's reports refers to "The affirmation of QIIBs A2 issuer ratings was based on a range of considerations, including that although the bank is facing the same challenges in the operating environment as other Qatari banks, they expects the banks performance to be relatively resilient as it is one of the oldest Islamic banks in Qatar, with solid retail-focused franchise, stock of liquid assets which, despite some pressure, are expected to remain at high level. In addition to that, the bank has maintained high capital buffers. The affirmation of QIIBs A2 issuer ratings are Moodys view of a continued very high likelihood of Qatari government support in case of need. QIIB Chief Executive Officer Abdulbasit Ahmad al-Shaibei confirmed Moody's affirmation of QIIB rating and said, "QIIBs rating affirmation at this good level is a natural reflection of the strength and high quality of the Qatari economy and an evidence of the confidence in the strength of this economy in various circumstances and against any unexpected developments and risks". He reiterated that "The bank continues to focus and pursue strategic plans approved by the Board of Directors, either by locally continuing to finance various projects or expanding externally through entering new promising markets based on detailed feasibility studies". (QNA)