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19/03/2015 04:48 AST
QNB has consolidated both its position as the leading Financial Institution in the MENA Region and its region leading credit rating performance following the news by Fitch Ratings that the Group's Long Term Rating has been upgraded to AA- from the previous A+ with an immediate effect.
The move by Fitch follows their recent report on the positive outlook of The State of Qatar and in particular, the "healthy condition" of the Banking Sector. They concluded that Local Banks were highly capitalised and that asset quality was solid. Commitment from the Government to the sector was a key underlying factor in the reflected cumulative upgrade of Bank Ratings supported by sovereign wealth funds and the on-going strong revenues from hydrocarbon production.
Within the comprehensive Fitch Report, QNB was singled out as "The Flagship Bank" in the sector with its market performance and strong public and private sector business relationships.
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