Mubasher: Qatar Islamic Bank (QIB) on Sunday announced that Fitch Ratings has upgraded the bank's outlook to stable from negative.
The agency has also affirmed the Qatari lender's Long-term Issuer Default Ratings (IDR) at 'AA-', according to a statement to the Qatar Stock Exchange (QSE).
The step reflects the rating organisation’s view that the gas-rich nation has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations.
“Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-domestic funding,” according to the statement.
The New York-based ratings agency also expected that Qatar's fiscal deficit to turn into a surplus in 2019.
By the end of Sunday’s session, QIB’s stock rose 1.71% at QAR 119.
