Fitch changes Qatari banks to stable

Fitch Ratings said it revised the outlooks of all nine rated Qatari banks to stable from negative.

Eight of the banks’ long-term issuer default ratings were affirmed at A. They are Commercial Bank of Qatar, Doha Bank, Qatar Islamic Bank SAQ, Al Khalij Commercial Bank QSC, Qatar International Islamic Bank, Ahli Bank QSC, International Bank of Qatar (QSC) and Barwa Bank QSC.

Qatar National Bank's long-term issuer default rating was affirmed at A+.

Fitch said the action follows the June 5 revision of the Qatari sovereign's outlook to stable from negative and affirmation of the country's long-term issuer default rating at AA- and reflects the agency’s view that Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations with the Quartet consisting of the UAE, Saudi Arabia, Bahrain and Egypt.

The banks' viability ratings are unaffected by this action.

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