Qatari riyal under renewed pressure despite credit rating reprieve:
"S&P’s decision to remove Qatar from negative credit watch offered little support to the country’s currency on Monday, as the kingdom’s decision to restore diplomatic ties with Iran raised fears that its diplomatic spat with its Gulf neighbours is likely to get worse before it gets better. S&P downgraded Qatar’s sovereign credit rating to AA- in June and warned that it could be downgraded further after a Saudi Arabia-led group of nations accused the government of supporting terrorism and launched an economic embargo. In a scheduled update on Friday, however, S&P kept Qatar’s ratings on hold and removed it from credit watch, saying it expects the government to “continue to actively manage the impact of the boycott while preserving Qatar’s core rating strengths, including strong public finances”."
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