Moody’s says Qatar outlook negative amid crisis

An aerial view of Doha’s diplomatic area on March 21, 2013. (File photo: Reuters)

The ratings agency Moody’s says it is changed its outlook on Qatar’s economy to negative, largely due to the ongoing diplomatic dispute now engulfing the country.

Moody’s said in a statement early Wednesday that “the likelihood of a prolonged period of uncertainty extending into 2018 has increased and a quick resolution of the dispute is unlikely over the next few months.” Moody’s says that “carries the risk that Qatar’s sovereign credit fundamentals could be negatively affected.”

Natural gas

So far, Moody’s says Qatar’s exports of natural gas have yet to be affected. Those exports make the small country's citizens have the biggest per capita incomes in the world. A quartet of Arab nations says they have received Qatar’s response to their demands for ending a diplomatic crisis gripping the Gulf.

A joint statement issued early Wednesday morning said Bahrain, Egypt, Saudi Arabia and the United Arab Emirates would respond “in a timely manner.” It did not elaborate. Foreign ministers from the four countries are due to meet later Wednesday in Cairo.

Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54