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Rating Action:

Moody's affirms ratings of 10 Qatari banks; changes outlooks to stable

16 Jul 2018

Limassol, July 16, 2018 -- Moody's Investors Service, ("Moody's") has today affirmed the long-term deposit and issuer ratings of the 10 banks it rates in Qatar, as well as the senior unsecured and subordinated debt ratings of their affiliated entities, where applicable. Moody's has also affirmed the banks' baseline credit assessments (BCA), adjusted BCAs, Counterparty Risk Assessments (CRAs) and Counterparty Risk Ratings (CRRs). At the same time, the rating agency changed the outlook on the long-term deposit, issuer and senior unsecured debt ratings to stable from negative.

The affected institutions are Qatar National Bank (Q.P.S.C.), Doha Bank Q.P.S.C., Al Khalij Commercial Bank (al khaliji) PQSC, Ahli Bank Q.S.C., Barwa Bank Q.S.C., International Bank of Qatar (Q.S.C.), Masraf Al Rayan (Q.P.S.C.), Qatar International Islamic Bank (Q.S.C.), Qatar Islamic Bank Q.P.S.C. and The Commercial Bank (P.S.Q.C.).

The rating action was primarily driven by (1) resilience of the Qatari banks and the country's operating environment to the ongoing regional dispute with some fellow Gulf Cooperation Council (GCC) neighbors and Egypt, which has prompted Moody's to change its Macro Profile score for Qatar to Strong- from Moderate+ and (2) the expectation that the capacity of the Qatar government to support the country's banks will remain unchanged, as indicated by Moody's affirmation of the Aa3 Qatar government bond rating and change in outlook to stable from negative on 13 July 2018 (for details please refer to the press release: Moody's changes Qatar's rating outlook to stable, affirms Aa3 rating: https://www.moodys.com/research/--PR_386243).

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_200189 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

Local Market Analyst

RATINGS RATIONALE

-- RATING AFFIRMATIONS

Moody's decision to affirm the ratings of all 10 banks reflects the resilience in their financial performance, despite the ongoing dispute between Qatar and a group of peer countries, including its fellow Gulf Cooperation Council (GCC) neighbors Bahrain (B1 negative), Saudi Arabia (A1 stable) and the United Arab Emirates (UAE, Aa2 stable), and Egypt (B3 stable). The banks have managed to maintain strong asset quality and capital buffers and their liquidity buffers remained solid. Qatari bank's system average non-performing loan ratio stood at 1.8% as of December 2017 and capital buffers stood at 15.5% tangible common equity to risk-weighted assets ratio.

OUTLOOK CHANGED TO STABLE

Moody's decision to change the outlook to stable from negative reflects the resilience of the operating environment in Qatar and the expectation that the capacity of the Qatar government to support the country's banks will remain unchanged, as indicated by Moody's affirmation of the Aa3 Qatar government bond rating and change in outlook to stable from negative on 13 July 2018.

RESILIENT OPERATING ENVIRONMENT

With regard to the operating environment, the impact of regional dispute on the banking systems so far has been manageable and limited to funding outflows mostly from the blockading countries, while overall market access for the banking system seems intact. Moody's view that a quick resolution or a significant escalation of the regional dispute materially affecting Qatar's credit metrics is a low-probability event in the next 12-18 months. Consequently, the downside risk that a prolongation of the regional dispute could trigger further outflows of external funding appears to have significantly reduced. The banking system reliance on external funding has declined to around 29% of total banking system liabilities from 36% as of May 2017, which is well diversified geographically and across different funding products (includes inter-bank lines from international institutions, non-resident deposits and capital market issuances). The banks' liquidity buffers have remained stable at 24% of tangible banking assets as the outflows observed during the first few months following the blockade began in June 2017, were largely offset by inflows from the Qatari government and related entities.

These developments prompted Moody's to change the Macro Profile score of Qatar to Strong- from current Moderate+ underpinning the rating agencies change in outlook to stable.

GOVERNMENT CAPACITY TO SUPPORT EXPECTED TO REMAIN UNCHANGED

Moody's continues to incorporate a very high probability of government support for the long-term deposit and debt ratings of the Qatari banks and the change in their outlook is also driven by the change in outlook to stable from negative on the Aa3 Qatar government bond rating. This reflects Moody's view that the government's capacity to provide support to the country's banks in case of need is expected to remained unchanged. Moody's very high probability of support for the banks in Qatar is driven by the government's shareholding in the banks, the importance of the banking system to the country's economy and past track record of pre-emptively supporting banks in 2009-2010.

WHAT COULD MOVE THE RATINGS UP/DOWN

The BCAs could be upgraded if (1) the solvency profile and liquidity buffers of the banks improve and/or (2) the operating environment of Qatar improved materially.

The BCAs could be downgraded if a deterioration in the operating environment leads to a weakening in solvency and liquidity profiles of the banks.

The long-term deposit and issuer ratings incorporate an uplift from government support and could be affected by changes in the sovereign rating or Moody's views on the government's willingness or capacity to provide support.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Alexios Philippides
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Sean Marion
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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