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Thursday, 6 July 2017

Qatar dispute leads Moody's to downgrade Dolphin Energy rating - The National

Qatar dispute leads Moody's to downgrade Dolphin Energy rating - The National:

"Dolphin Energy, the joint venture company that owns the pipeline carrying Qatari natural gas to the UAE and Oman, has been downgraded by debt rating agency Moody's Investors Service. In making the unusual move, Moody's cited the ongoing dispute between Qatar and several of its Arabian Gulf neighbours, including the UAE, and the effect it might have on Abu Dhabi's commitment to the project, as the reason for cutting the company's rating one notch, to A2 from A1. The rating agency said it expects the dispute "will erode inter-governmental cooperation between Qatar and the UAE [and] over time, this will, to an extent, decrease the strategic importance of the project to the government of Abu Dhabi and the likelihood of support, should it become necessary, from  Dolphin Energy's 51 per cent owner, Mubadala Development Company." "



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