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Fitch upgrades Qatar Islamic Bank's viability rating

Fitch Ratings on March 14 upgraded Qatar Islamic Bank QPSC's viability rating to "bbb" from "bbb-" and affirmed the lender's long-term issuer default rating at A, with a stable outlook.

The rating agency said the upgrade mainly reflects QIB's strong Islamic franchise in Qatar, which Fitch noted is highly beneficial to the bank's financial profile. Inexpensive retail deposits form the core of the bank's funding, translating into cheaper cost of funding compared with its peers, the agency noted.

Fitch also affirmed QIB's short-term issuer default rating at F1, its support rating at 1 and its support rating floor at A.