Thursday, 8 June 2017

S&P lowers Qatar's credit rating

Qatar's credit rating was lowered on Wednesday, in the latest fallout from the decision by a group of neighbouring countries to cut diplomatic and trade ties.

The downgrade by the S&P Global agency came as Qatar's currency fell to an 11-year low and its stock market tumbled.

S&P Global reduced the nation's credit rating to AA- from AA and put the nation on a negative watch.

Noting many uncertainties, the agency said it would monitor the situation.

Oil-rich Qatar is being isolated by its neighbours, including Saudi Arabia, Egypt, Bahrain and the United Arab Emirates.
They say Qatar backs militant groups including so-called Islamic State (IS) and al-Qaeda, which Qatar denies.

BBC      News.