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Sunday, 28 May 2017

Moody’s upgrades UAE and Kuwait credit outlook, cuts Qatar’s debt rating | The National

Moody’s upgrades UAE and Kuwait credit outlook, cuts Qatar’s debt rating | The National:

"Moody’s Investors Service has upgraded its creditworthiness outlook for both the UAE and Kuwait, but downgraded its debt rating for Qatar, which the rating agency noted has run up a much higher foreign debt load than its peers. The actions by Moody’s yesterday came shortly after the decision by Opec, of which all three countries are core members, and some non-Opec states to continue restraining output until the end of next March at least. Opec and its non-member partner countries on Thursday agreed it was necessary to commit to another nine months of production restraint when the initial deal expires at the end of next month to ensure oil prices do not collapse again to the levels of last year, when world benchmark North Sea Brent crude fell below US$30 per barrel to its lowest level in 12 years and averaged around $44 for the whole year."



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