Moody's Investor Service has upgraded Commercial Bank of Qatar (CBQ)'s long-term foreign currency deposit rating two notches from Baa2 to A3. This follows Moody's recent upgrade of Qatar's foreign currency country ceiling for bonds and bank deposits to A3 from Baa2. The outlook for the rating is stable.
Moody's upgrade of CBQ's long-term foreign currency deposit rating is based upon the credit rating agency's perception of CBQ as a significant and important institution for Qatar's domestic banking system.
Moody's Prime-2 short-term foreign currency deposit rating and D+ financial strength rating for CBQ remain unchanged.
CBQ has been designated the ‘Highest Rated Qatari Bank’ by Moody's, the credit rating agency, for six consecutive years, and ‘Best Bank in Qatar’ by the international finance publication, Euromoney.
CBQ provides retail/personal and investment banking services in Qatar. It is the first bank to offer an Internet home banking service in Qatar. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
