Fitch Ratings upgrades QIB’s rating to stable - The Peninsula Qatar

Fitch Ratings upgrades QIB’s rating to stable - The Peninsula Qatar:

Fitch Ratings has upgraded Qatar Islamic Bank’s (QIB), Qatar’s leading Islamic Bank, outlook to ‘stable’. The action follows the revision of the Qatari sovereign’s Outlook to Stable from Negative and affirmation of the country’s Long-Term IDR at ‘AA-’ and reflects Fitch’s view that Qatar 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. The fiscal deficit has narrowed sharply and we expect it to turn into a surplus in 2019. The economy has reconfigured its supply chains and continues to grow at a robust pace, the ratings agency noted.