Moody’s strong rating shows strength of Qatar economy: QIIB chief

Global credit rating agency Moody’s has affirmed QIIB’s rating at ‘A2’ and changed its outlook to stable, reflecting the strength of the Qatari economy in its various institutions, especially the banking sector. The change of the bank’s outlook to “stable” is based on the operational environment flexibility in Qatar and the ability of the Qatari government to support local banks to stay unaffected by the regional conflict which only impacted the foreign inflows, compensated later on by the government, Moody’s had said. “This important event is founded primarily on the high soundness and solidity of the Qatari economy, interpreted by Moody’s itself when it confirmed the strong rating of the Qatari economy and adjusted its future outlook to stable,” said QIIB chief executive Dr Abdulbasit Ahmad al-Shaibei. Stressing that it is an active component of the Qatari banking sector, he said: “We are pleased to be organically connected with the positive changes in the outlook of the Qatari economy, which proved after a year of blockade that it is a bouncing and dynamic economy capable of overcoming all challenges and transforming these challenges into opportunities and growth figures.” Al-Shaibei: Positive outlook.