Moodys upgrades Qatar Petroleum to Aa3
Moody’s Investors Service has today upgraded Qatar Petroleum’s foreign and local currency issuer ratings and its senior unsecured bond rating to Aa3 from A1.
The rating action follows Moody’s upgrade of Qatar’s sovereign ratings to Aa3 on 4 October. The rating outlook is stable.
Today’s rating action concludes the review for upgrade of Qatar Petroleum’s ratings which Moody’s initiated on 7 September.
As a government-related issuer (GRI), Qatar Petroleum’s ratings are assigned in accordance with Moody’s GRI rating methodology. The inputs into Qatar Petroleum’s ratings are as follows:
– Qatari local currency rating of Aa3 with a stable outlook – Baseline credit assessment in the range of 2-4 (on a scale from 1 to 21 where 1 represents Aaa, 2 Aa1 etc.) – High default dependence
– High support
Moody’s assessments of Qatar Petroleum’s default dependence and government support remain unchanged. Given the high support and dependence assumptions, Qatar Petroleum’s ratings and outlook will move in line with any changes to Qatar’s sovereign rating.
