DOHA: Fitch Ratings, the international credit rating agency, has affirmed Ahli Bank’s long-term issuer default rating (IDR) at ‘A-‘ with ‘Outlook stable’. Fitch also affirmed a “BBB-” rating for the Bank’s financial strength and “F2” for its short-term IDR.
In issuing its credit rating, Fitch cited Ahli Bank’s strong profitability, adequate liquidity, strong capitalization, and strong support from Qatar’s sovereign authorities and its strategic partner Ahli United Bank, among others.
“Ahli Bank’s profitability ratios continued to improve in 2011 and still compare reasonably well to its peers. The Bank’s costs are well contained, its lending quality remains strong and its deposit base has proven historically stable, mitigating concentration risks,” Fitch’s statement noted.
“We are delighted to have our high credit rating confirmed by this leading international agency, which is a testament to the major advancements and remarkable emergence of Ahli Bank as a bank at the forefront of the financial services sector in Qatar. . We are proud of the Bank’s track record in laying the foundation for a well-governed, well-balanced and well-positioned bank that is active and ready to contribute to Qatar’s ambitious initiatives both at home and abroad,” said Sheikh Faisal bin Abdul-Aziz Bin Jassem Al Thani (pictured), Chairman of Ahli Bank.
“We are pleased with this independent validation of the Bank’s strong fundamentals and our success in implementing a strong culture of risk management, good asset quality, disciplined cost control and a growth-oriented strategy. With the Qatari economy poised for more phenomenal expansion, we are well positioned to play a more active role in supporting the needs and growth potential of our retail, corporate and institutional clients. This strong vote of confidence is a tribute to the professionalism of our staff, the unwavering confidence and guidance of our shareholders and the instrumental and active support of our strategic partner, Ahli United Bank,” said. Moataz El Rafie, CEO of Ahli Bank.