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Fitch removes 9 Qatari banks from Rating Watch Negative

Fitch Ratings on Dec. 13 affirmed the viability ratings of nine Qatar-based banks and removed them from Rating Watch Negative.

The rating agency affirmed the viability ratings of Qatar National Bank (QPSC) at "bbb+" and those of Commercial Bank (PSQC), Doha Bank QSC, Qatar Islamic Bank (QPSC) and Ahli Bank QSC at "bbb-." The viability ratings of Al Khalij Commercial Bank (al khaliji) PQSC, Qatar International Islamic Bank (QPSC), International Bank of Qatar (Q.S.C.) and Barwa Bank QSC were affirmed at "bb+."

Fitch in June placed the nine banks' ratings on Rating Watch Negative following a similar action on the Qatari sovereign after Saudi Arabia, the United Arab Emirates, Bahrain, Egypt, Libya and Yemen severed diplomatic and logistical ties with the country for allegedly financing terrorist activity.

The Dec. 13 ratings actions reflect the agency's view that immediate risks from the diplomatic crisis to banks' stand-alone credit profiles have declined.

Fitch said most Qatari lenders' funding profiles have stabilized on the back of outflows of nondomestic lending, and that there has not been any material impact on banks' performance metrics to date. The Qatari government has also continued to provide funding support, the agency added.