Moody's ups Masraf Al Rayan

Moody's Investors Service said it upgraded the local and foreign-currency issuer ratings of Masraf Al Rayan to A2/Prime-1 from A3/Prime-2.

Moody's also raised Masraf Al Rayan's standalone credit assessment to Baa3 from Ba1, within the D+ bank financial strength rating category.

The outlook is stable.

Moody's said the upgrades primarily reflect an improvement of the bank's standalone credit profile, driven by: (a) the bank's consistent record of good asset quality; (b) the strengthening of the bank's corporate franchise in its home Qatari market; and (c) the resilience of the bank's strong financial fundamentals, compared with its peers.

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