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Moody's Cuts Saudi, Oman, & Bahrain's Debt Ratings

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Moody's Cuts Saudi, Oman, & Bahrain's Debt Ratings SUNDAY, MAY 15, 2016 DOW17,554.46 QE 9,941.42 SENSEX 25,489.57 GOLD 1,275.10 Doha Bank hosts knowledge-sharing -166.04 PTS +53.02 PTS -300.65 PTS +0.31% session in Abu Dhabi PAGE 23 PRICE PERCENTAGE PRICE PERCENTAGE 17.13 BRENT 47.76 -0.67%% WTI 46.18 -1.11% SILVER +0.13% MEC to organise Sport Moody’s cuts Saudi, Oman, Business Opportunities & Bahrain’s debt ratings Forum on May 22 QNA investment opportunities in DOHA the sports sector and to high- ODowngrades Saudi’s long-term issuer rating to A1 OConfirms Aa2 ratings of Qatar and Kuwait light Qatar’s efforts towards UNDER the patronage of HE strengthening public and pri- REUTERS Prime Minister and Minister vate sector partnerships and DUBAI of Interior Sheikh Abdullah supporting the sports sector, bin Nasser bin Khalifa al Tha- which represents a key pillar MOODY’S Investors Service ni, the Ministry of Economy of the state’s diversification cut its debt ratings for Saudi and Commerce in partner- policy in line with Qatar Na- Arabia, Oman and Bahrain ship with the Ministry of Cul- tional Vision 2030. on Saturday while assigning ture and Sports, the Supreme It also provides a plat- negative outlooks to three Committee for Delivery and form for communication for neighbouring states, as low oil Legacy (SC), Qatar Olympic partners from both the public prices continue to undermine Committee and Aspire Zone and private sectors, to explore government finances in the Foundation will organise the investment opportunities in region. Sport Business Opportunities various areas of the sports sec- The rating agency down- Forum in Doha on May 22. tor including: events manage- graded Saudi Arabia’s long- The forum is expected to ment, sports development, the term issuer rating by one attract a large number of par- establishment of sports facili- notch to A1 but gave the king- ticipants including prominent ties and facilities management. dom a stable outlook, saying businessmen, investors and The forum is consistent sweeping economic reforms entrepreneurs along with own- with Qatar’s growing role in announced by the government ers of major local and foreign hosting major international last month might stabilise the companies, said the Ministry sporting events such as the state budget. of Economy and Commerce in 2019 World Championships in In late April, Deputy a statement on Saturday. Athletics and the 2022 FIFA Crown Prince Mohammed bin The forum aims to explore World Cup. Salman revealed Saudi Ara- bia’s biggest policy shake-up in decades, including tax rises, an efficiency drive and plans to give a bigger role to the private WB approves $625 million sector. “The government has am- for energy reforms in india bitious and comprehensive plans to diversify both the A view of the construction site of the King Abdullah Financial District in Riyadh recently. (REUTERS) QNA the world bank press release economy and its balance sheet WASHINGTON said. which, if even partly success- “It is not yet clear how this countries lack the huge finan- ance sheet, combined with signed a negative outlook to The project will finance the ful, should stabilise its credit cumulative financing need will cial and oil reserves of their increased external debt is- them. THE World Bank Board has installation of at least 400 MW profile and which could, if be met: while Saudi Arabia’s low wealthy neighbours. suance from other countries The UAE has been more approved a $625 million loan of Grid Connected Rooftop achieved, offer a route back levels of government debt at 5.8 While Bahrain can expect in the region, will lower the proactive than its neighbours to support the government of Solar Photovoltaic (GRPV) to a higher rating level over percent of GDP in 2015 provide support from its ally Saudi supply of external funding, in restraining spending and India’s programme to gen- across India. These solar PV time,” Moody’s said. fiscal space, no medium-term Arabia in a crisis, it is likely thereby heightening the risk reforming its finances in an erate electricity from wide- installations will provide However, the agency said funding strategy has yet been to find it increasingly hard to that finance is obtainable only environment of low oil prices, spread installation of rooftop clean, renewable energy, and it was still uncertain how Sau- announced,” Moody’s said. borrow in the international at much less affordable rates but Moody’s said the govern- solar photo-voltaic (PV). reduce greenhouse gas emis- di Arabia would fund a mas- The agency downgraded markets, particularly since it for Bahrain, or potentially re- ment’s policies to cut its budg- The board also approved sions by displacing thermal sive budget deficit averaging Oman by one notch to Baa1 will be competing for money duced amounts.” et deficit were still not clear. a co-financing loan of $120 generation. The project will 9.5 percent of gross domestic with a stable outlook, and with its neighbours, Moody’s Moody’s also confirmed Moody’s confirmed the million on concessional terms also strengthen the capacity of product between 2016 and cut Bahrain by one notch to said. the Aa2 ratings of the United Aa2 ratings of Kuwait and and a $5 million grant from key institutions, and support 2020, which would require Ba2, deeper in junk territory, “The further deteriora- Arab Emirates and its biggest Qatar but gave both of them a Climate Investment Fund’s the development of the overall total financing of $324 billion. with a negative outlook. Both tion in the government’s bal- member, Abu Dhabi, but as- negative outlook. (CIF) Clean Technology Fund, solar PV market. EXCHANGE RATE Currency buy QR sell QR US energy bankruptcy surges despite recovering oil prices US 3.6315 3.6495 Euro 4.1217 4.2051 REUTERS prices nosedived from more Some companies are in Tom Ward, said it would not Founded in 2003, Linn Exco has reported a loss for Pound Sterling 5.2272 5.3036 HOUSTON than $100 a barrel in mid- more acute distress, faced be able to file quarterly results has about $10 billion in debt, the last five quarters in a row. 2014. with the expiration of deriva- on time. about twice that of Samson Re- It has a number of big-name Indian Rupee 0.0537 0.0549 THE wave of US oil and gas Prices have bounced back tive contracts that had allowed The number of US energy sources Corp and Energy XXI board members including bil- Pakistani Rupee 00000 0.0350 bankruptcies surged past 60 to $46 a barrel from February them to sell oil above market bankruptcies is closing in on Ltd, two of the largest oil and lionaire investor Wilbur Ross Philippine Peso 0.0768 0.0793 this week, an ominous sign that lows in the mid-$20s, but the prices. the staggering 68 filings seen gas companies to file recently. and executive chairman John the recovery of crude prices to futures market shows inves- “Everybody was able to during the depths of the tel- Linn was designed as a Wilder, who engineered the gi- Sri Lankan Rupee 00000 0.0256 near $50 a barrel is too little, tors do not expect US bench- hold on for a while,” said Gary ecommunications sector bust high-yield investment vehicle, ant leveraged buyout of TXU. Bangladeshi Taka 00000 0.0467 too late for small companies mark crude to rise above $50 Evans, former CEO of Mag- of 2002 and 2003, according which received beneficial tax Valued at about $495 mil- Nepalese Rupee 00000 0.0348 that are running out of money. for more than a year. num Hunter Resources, which to Reuters data, the law firm treatment in return for pay- lion as of Thursday’s stock On Friday, Exco Resources That will not help smaller emerged from bankruptcy pro- Haynes & Boone and bank- ing out the bulk of its profits market close, Exco had long- Japanese Yen 0.0335 0.0344 Inc, a Dallas-based company producers built for far higher tection this week. “But once ruptcydata.com. to unitholders. Because of this term debt of $1.32 billion on Kuwaiti Dinar 11.938 12.168 with a star-studded board, said prices. These companies have the hedges roll off you can’t Linn’s bankruptcy was the structure, it took on significant March 31, according to a regu- Saudi Riyal 0.9570 0.9742 it will evaluate alternatives, largely exhausted funding al- support that debt.” biggest among energy compa- debt to grow through acquisi- latory filing. including a restructuring in or ternatives after issuing more Bankruptcy filers this week nies so far in this downturn, tions. One probable outcome, Omani Riyal 9.2560 9.4960 out of court. Its shares fell 35 equity and debt, tapping sec- included Linn Energy LLC and even though the company is Exco’s warning showed as Exco said on Friday, may UAE Dirham 0.9770 0.9938 percent to 62 cents each. ond-lien loans and shedding Penn Virginia Corporation. a modest producer of about that the crude price rout has include getting rid of debt by Bahraini Dinar 9.5410 9.6960 Exco’s notice capped off assets over the last two years to Struggling SandRidge Energy 59,000 barrels of oil per day, not spared companies with having debtholders become one of the heaviest weeks of stay afloat as banks trimmed LLC, a former high flyer once and 607 million cubic feet of highly experienced manage- shareholders, possibly wiping Source: www.dohabank.com.qa bankruptcy filings since crude credit lines.
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