S & P affirms Commercial Bank’s rating at A-/Stable/A-2

Doha, Qatar, 6 November 2023: Standard & Poor's (S&P) Global Ratings has affirmed Commercial Bank's long-term issuer credit ratings at A-/stable/A-2 with a stable outlook.

According to S&P, “The stable outlook on Commercial Bank reflects our view that the Bank will continue to reduce the proportion of real estate related risks on its balance sheet while maintaining strong capitalization."

The ratings agency also highlighted the key role of the Qatari Government in the Bank's ratings, as stated in the report: “The long-term rating on Commercial Bank is three notches higher than our assessment of the bank's SACP due to a high likelihood of extraordinary government support for Commercial Bank if needed."

Joseph Abraham, Group Chief Executive Officer of Commercial Bank said: “The rating affirmation with a stable outlook by S&P reflects the continuing strength of the Banks balance sheet and earnings and the strong position of the Qatar Government and economy".

Commercial Bank is also rated A2 by Moody's with a stable outlook and A- by Fitch with a positive outlook.

-Ends-