Commercialbank Affirmed A- Rating by Standard and Poor's

Doha, July 18 (QNA) - Commercialbank announced that the global rating service provider, Standard and Poor's, had affirmed its A- rating with stable outlook. The rating is based on Commercialbank's sound market position as the second largest bank in Qatar, its strong capitalisation and earnings outlook over the medium-term. Standard and Poor's rationale for the rating explained that the Bank has a high systemic importance in Qatar's banking system given its material market share and role in financing the country's economy, the Commercialbank reported in a statement issued by (Qatar Exchange) website. Standard and Poor's commented that Commercialbank had successfully adapted its strategy to the changing operating environment whilst maintaining a clear focus on its regional markets. The rationale also cited the Bank's implementation of an internal transformation programme to capture business opportunities with government-related entities in Qatar which adds further stability of its business model. Commercialbank enjoys strong credit ratings of (A) from Fitch and (A1) from Moody's. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) as well as bonds on the London Stock Exchange. Commercialbank has total assets of QR 69.9 billion as at 31 March 2012. (QNA)