Fitch Ratings on June 13 changed the outlook on nine Qatar-based banks to stable from negative, following a similar action on the sovereign.

The agency also affirmed the long-term issuer default ratings of Qatar National Bank QPSC at A+ and of Commercial Bank PSQC, Doha Bank QPSC, Qatar Islamic Bank QPSC, Al Khalij Commercial Bank (al khaliji) PQSC, Qatar International Islamic Bank QPSC, Ahli Bank QSC, International Bank of Qatar QSC and Barwa Bank QSC at A.

The ratings action reflects Fitch's view that Qatar has successfully dealt with the adverse effects of an ongoing diplomatic spat with a Saudi Arabia-led group of countries.