Standard & Poor's downgrades Qatar's rating

Baku. 8 June. REPORT.AZ/ Standard & Poor's downgraded Qatar's debt on Wednesday as the riyal currency fell to an 11-year low amid signs that portfolio investment funds were flowing out of the country because of Doha's diplomatic rift with other Arab states. Report informs citing the Bloomberg, the agency forecasts, it can negatively affect the pace of economic development and financial performance.

S&P cut its long-term rating of Qatar by one notch to AA- from AA and put the rating on CreditWatch with negative implications, meaning there was a significant chance of a further downgrade.

Notably, another major rating agency, Moody's Investors Service, assesses Qatar at Aa3, due to the fact that the ratio of public debt to GDP reached 150%.