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Moody's: Qatar Petroleum view to negative
Moody's Investors Service said it changed to negative from stable the outlook on the Aa3 long-term issuer rating of Qatar's national oil and gas company Qatar Petroleum, the A1 long-term issuer rating of subsidiary Industries Qatar QSC and the A1 long-term issuer rating of Qatar Electricity and Water Co. QSC.
Moody's also said it affirmed the ratings on all three government-related issuers.
The agency also said it changed the outlook on the long-term issuer rating and senior unsecured bond ratings of government-owned special purpose vehicle Qatari Diar Finance QSC to negative from stable and affirmed the Aa3 ratings.
The outlook revisions follow the change of Qatar's sovereign rating outlook to negative from stable and the affirmation of its Aa3 rating, the agency explained.
The companies have strong linkages to the government of Qatar, Moody's said.
While the current dispute between Qatar and other Gulf Cooperation Council countries – mainly the United Arab Emirates and the Kingdom of Saudi Arabia – has resulted in some logistical challenges to the company, Moody's said it expects the impact on Qatar Petroleum's credit profile will remain limited.
This is driven by the limited exposure Qatar Petroleum has to other Gulf countries as the company exports the majority of its products to Asia, the agency said.
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