S&P: Four Qatari banks views to negative

S&P said it has taken various rating actions on four Qatari banks following a review of the Qatari banking system.

The agency said it affirmed Qatar National Bank’s A+ long-term and A-1 short-term counterparty credit ratings with a stable outlook.

S&P also affirmed the A- long-term and A-2 short-term counterparty credit ratings on Doha Bank and Qatar Islamic Bank.

The agency also said it revised the outlooks on all three banks to negative from stable.

S&P also said it lowered the long-term counterparty credit rating on the Commercial Bank of Qatar to BBB+ from A- and affirmed its A-2 short-term rating. The outlook on Commercial Bank is negative.

The sharp fall in oil prices over the past year and a half has dented Qatar’s economic growth prospects, as well as its wealth levels, S&P said.

Despite the Qatari government’s strong asset position, the agency said it believes the overall operating conditions for local banks have deteriorated.

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