DOHA: International credit rating agency Standard & Poor’s (S&P) Ratings Services affirmed Industries Qatar’s (IQ) long term rating at “AA-“ with a stable outlook, while Moody’s updated its credit opinion on IQ’s rating to “Aa3” with a stable outlook here the other day.
IQ, one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertiliser and steel products, announced that International credit rating agency Moody’s Investor Services (MIS) has updated its credit opinion and maintains Aa3 rating with a Stable outlook.
MIS updated its credit opinion based on their annual review of IQ’s current and future financial and operational performance and has considered several factors in assigning and maintaining the current rating and outlook including the company’s liquidity profile, robust cash flow generation ability, strong competitive market position, greater integration with the parent entity and its close relationship with the government of State of Qatar.
Standard & Poor’s (S&P) Ratings) has affirmed its AA- long term rating with a stable outlook, IQ noted in a separate statement.
The ratings that Industries Qatar (IQ) received from Moody’s Investor Services and Standard & Poor’s (S&P) showed its strong performance and solvency, market analysts said.
Maintaining these positive ratings shows the company’s strong position, despite IQ’s low profits and reserves and falling oil prices, business and finance portal “Mubasher” reported.
The ratings are of interest for the investor rather than the speculator as they give a future outlook in the long run.
The company’s stock is about to rise for the fourth session in a row as it gained 1.23 percent to QR 1.70 by 12:00pm Doha time. Trading volume reached 63,590 million shares at a turnover of QR9m.
