Moody's upgrades Qatar Petroleum to Aa3
Moody's Investors Service has today upgraded Qatar Petroleum's foreign and local currency issuer ratings and its senior unsecured bond rating to Aa3 from A1. The rating action follows Moody's upgrade of Qatar's sovereign ratings to Aa3 on 4 October. The rating outlook is stable.
Today's rating action concludes the review for upgrade of Qatar Petroleum's ratings which Moody's initiated on 7 September.
As a government-related issuer (GRI), Qatar Petroleum's ratings are assigned in accordance with Moody's GRI rating methodology.
Moody's assessments of Qatar Petroleum's default dependence and government support remain unchanged. Given the high support and dependence assumptions, Qatar Petroleum's ratings and outlook will move in line with any changes to Qatar's sovereign rating.
Qatar Petroleum, headquartered in Doha, Qatar, is the national oil & gas company of Qatar and wholly owned by the state. Total crude and condensate reserves are approximately 26.9 billion barrels of oil equivalent (boe) and total natural gas reserves are 905 trillion standard cubic feet (tscf), predominantly located in its vast offshore North Field.