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