The rating on Qatar-based petrochemical, fertilizer, and steel producer, Industries Qatar QSC, reflects its stand-alone credit profile (SACP), which Standard & Poor's assesses at 'a-', and three notches of uplift for the extraordinary financial support we expect the Qatari government would provide to Industries Qatar if needed. This results in local- and foreign-currency ratings on Industries Qatar of 'AA-'. The State of Qatar (AA/Stable/A-1+) indirectly owns 70% of Industries Qatar, which we consequently consider to be a government-related entity (GRE) under our criteria.
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