Fitch upgrades Alternatifbank

Fitch Ratings said it upgraded the dollar-denominated guaranteed notes of Alternatifbank AS (BBB/stable) to A+ from A following the upgrade of Commercial Bank of Qatar (A+/Stable), the guarantor of the notes.

The notes benefit from an unconditional and irrevocable English law guarantee from Commercial Bank of Qatar. The rating is in line with Commercial Bank of Qatar's issuer default rating to reflect Fitch's opinion that the guarantee ranks in line with unsecured and unsubordinated claims against Commercial Bank of Qatar and that Commercial Bank of Qatar intends and will be able to honor its commitments under the guarantee, if necessary.

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