Fitch Upgrades Doha Bank Ratings to 'A+'

Doha, March 22 (QNA) - Fitch Ratings upgraded the long-term issuer default ratings (IDR) of Doha Bank (DB) from A to A+. The upgrade followed the strong rating of Qatar by Fitch at AA with stable outlook, according to a statement released by the bank. Fitch highlights the countrys support for the domestic banks, especially that the government has stakes in the domestic banks. Fahad bin Mohammad Al Thani, chairman of Doha Bank, said that the governments strong support is evident through various measures taken by Qatari authorities during the recent financial crises when capital markets were facing challenges all over the world. The ratings showed Doha banks strong fundamentals and its local and international importance, chairman added. Earlier, the bank reported a profit rise by 3.1% to QAR 1.35 billion ($371.4 million) during the fiscal year 2014, compared to QAR 1.3 billion ($360.22 million) in FY13.(QNA)