Qatar: The QE 20 Index gained one percent on Wednesday, closing at 9,158.73 points. Qatar Islamic Bank, known and branded as QIB advanced 0.44% to hit QR68.70. QIB said credit rating agency Capital Intelligence has affirmed its Financial Strength Rating (FSR) of 'A' in its latest report issued in April 2013. According to CI, in view of the bank's intrinsic financial profile, Qatar's economic growth potential, and ongoing government support for all Qatari banks, the lender's Long and Short Term Foreign Currency Ratings are affirmed at 'A' and 'A2', respectively, on Stable Outlook. Based on the strength of the Qatari government balance sheet, the Support Rating is affirmed at '2'. Last week, Moody's affirmed the investment grade rating for QIB, saying the Islamic bank's outlook was stable. [AMEInfo.com]
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