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14-11-22
S&P improves Industries Qatar ratings from A+ to AA-
(MENAFN) Industries Qatar (IQ) yesterday declared that Standard & Poor’s Financial Services (S&P) improved its credit level to ‘AA-’ up from ‘A+’ with a steady forecast, and Moody’s Investors Service (Moody’s) have assured IQ’s credit ratings but improved the forecast to positive from steady.
These robust credit ratings were released by the individual global credit rating agencies according to their evaluation of IQ’s presents as well as future financial & operational performance.
Consideration was given to many aspects in assigning these presents ratings, involving IQ’s healthy liquidity profile; strong cash flow generation ability; robust competitive market situation; as well as improved integration with the Parent entity (QatarEnergy).
S&P clarified in an open announcement that “We expect that IQ will retain its superior profitability and cost competitiveness, owing to efficient operations”.
Moody’s mentioned that “The Baseline Credit Assessment (BCA) is underpinned by IQ’s strong competitive position as a low-cost producer; a very strong financial profile, and a high degree of integration and coordination between IQ and QatarEnergy”.
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