Doha, October 13 (QNA) – Masraf Al Rayan announced that Moody s Investors Services, a highly respected international agency known for its transparency and rating criteria has upgraded its credit rating to A2/Prime-1 from A3/Prime-2 with a stable outlook. The upgrade awarded to Masraf Al Rayan reflects its low risk profile sustained by excellent quality of its assets, robust capital & liquidity buffers and a strong partnership with the public sector. Since establishment, Masraf Al Rayan has gained a significant market share and has developed a growing corporate franchise in Qatar, a press release issued by Masraf Al Rayan here Saturday said.
According to Moody s, one of the main drivers of the upgrade is Masraf Al Rayan s consistent record of maintaining excellent asset quality with NPL ratio remaining stable at 0.29% of the portfolio.
Moody s expects that Masraf Al Rayan will be able to maintain strong financial fundamentals over the next 12-18 months, and noted that its key ratios compare favorably with those of other Gulf banks, and with the global medians for similarly-rated peers. As of December 2011 the Banks tier 1 ratio increased to 21% from 19%, whilst its liquid assets to total assets ratio increased to 32% from 19% a year earlier.
In his comments, Dr. Hussein Al Abdulla Chairman & Managing Director, Masraf Al Rayan, expressed his delight regarding the credit rating upgrade as it highlights the leading position that Masraf Al Rayan has achieved in the market and sees this as evidence that Masraf Al Rayan is on the right track towards achieving its ambitious goals.
Dr. Al Abdulla reiterated the need to work harder to achieve even better results in the future for the benefit of the shareholders and to provide the best possible customer service for Masraf Al Rayan customers.(QNA)