S&P: Negative Rating Actions Taken On Qatari Banks

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?+m Go6-3*k4My7vzZ؍;A۞3ITN:R*!MOP*jqR*Pt.Gz9YzSj{L`֤P{<H7E hu=󟸊>~)|T|̢zovJ.t<G(Oj}B?"ƫK->^(ϜBNM>D=>~Yx_pW!F&7h\]?Qaeէ|FMTSF~ڏח 5z1zM/ETjy k!ܱ :mXSvGkw?&դеF\ kҮ%aϢ]ard#N >] : r64)>gꂨ\oG>e3ٮzdS kχlkU >r^QeL=8o\y?ZnZC~͹' ϑ~?QEZ]K<@W\|mҳg?GR7uvEZi#v"ק[N~Bo˛& }AҷmT qgk0kYJp->&CіTfs+Ag[©R.7X%~i"ٔhih^W>Xd$"V^!y>!fP{!rObē^ZIk=&mهq{it8mK5b6Y:dzN,Vb3?75 t9=03VdxTU̴ M3@$R:gԌԷ kqJA9oTVboַ7mErNoOQ_COcF+RhUu +Լ\d{~G5yRe?,_v|&vʸ0V.jZH8NzsP)M$Ӑf#N*]BR"3O{1ۦqqR݄S PzM‡H`A1 OaHP[1)WKνĶkh }N|rk/ i1GBOK43.iR+E45Vn>ɦg ԃڼX8]RovV]ήE=bR3o?{֥<Ѓᶦ.-XJW]/j,yqmv;Pc [j׭(> yWOo8|e+F"a¾nejW2V^Ʋw^>khFUim:aX[ꂼ:Ё}e'-lpS^ɮ~ >ծ$+qns_7|R񍏉o,Qk@e2vf<)ҧo5c֡e6wd{MfLJ+VpA<­~~1C~$d&pÁ)^3h\G&AS+ӕZks7kq\n!+BI9隵hͦXd!.XkӬ>jZQ4L!9\hF ;aW]gҢh ]"KYWꦩKʼ4d~q3ksQ->ñbffayDRuM~4b'j$.9kb-*WOWcnܱ Vs TUWQ!*>5.WQ3y/$.~QTBlPf'סCmFLbO,~ո"|2vϛBG] S?==X*ń?~M|UlNKU&Lm9+[b-/Uz- 6WK#3!9ɩogBq 5HJpt*A9ŀRu?Χh/]2e$t#22yH=_ί[/HͲ9#<֤"NVז?ζ, #7lͱi$h-oI^گ m#D& !^9Tv\B_cWR;T : qƟ+g: r$QVv K.feQ{mG+-SJ;T$R0((Z j<;\`"TR]FuSU$խ9>;. 9e BӷK)\v7sM,=kj2=54kI,nj6GqXFtSwɣP6d>>ˬ'[jW;sR}dh A eM@?;UDOcݰ>[jZl6S7u浉oΛEE uauIOm+Bw-mnaz ?Ʋ./l^w= nw- WYc٥?, VdebXA"j)|2k>yk5}܏Ɵoic+A4{HK-la%efeu*sL_fl=zԋM`?*81VSºE6!I4f$jG'5.!m+R~F? Zyae|uzEm_uGxA/z9j B+H>`\ܖ2Fy^c#0¶Q]>i󦱗.2ٞǰ'k|>U?*j3>k8j&,^-XIF{5ׂ}uX"SΚRz2j pƞνo]')Ƴ<+wwA 5)tA$z˜31ִf, Gw#BF',21SGS su=Gʣ?i%-b']u(n^5dj2$?<¦5P0i.l^GD0tn<[ipԥ)>s3zcҼr+xgKXNp|O.BgCW}q=|Gw^s%fQ3]C'-LO&`2AֆlJ\i ~VSf7Rt'棺?hhsG;Sde[];" z߸1DحLQ&5r[4kvOS٬D*Hs_[GS d ο?|G\_]#$sH8 $q9^sGNX.#$jK鞘1&Rһ>n,ԵKv&) 9V5~*iWthԂEy;Up}:uJ:HGhfUVp(iF?QU'4l?^=iSx,ZՇܣ5"};[79j.>hggj̏^?&?[Dzhenh/UP E[X&mq[wނ&uWőH9.RugPX [Ǩ[F)0WYB"X"+6Ǻdyؗ}竏x*MeSI?_2J4} s1 >/>#_6|bI?s6~g?WsP}rig_J4i!j#?0=S+>ǷOT#&׶)|G?*[G=2Kc~ ,gYC)蔟W/CT$}iXfn\ZᵳO,Uީh[́{W[βpe 9pj_7fͼQ̈ rǜ8O|W`X52_1KX Ƭ?Sm3IS'qc<se̫hU_Ez*MmOR:B.62j}hjBVX+M@ Ѷ+F_liE]$oxWi/vCVc;5_s}4m$?Q­xv>ml[`:vlEhA1eoVI4>ge޳ӆ}LR :TH;M|/WӶs0 K&{&^Eua&;)EI^МfGCܲX$yz,BI>KIԃ_~H=cpex%q n[xTyZ)b5Ԩ7qO}A<A|Ifg]2+**~(٘WX5sT:DȌsq]'ƙ+6SV$k%in[C_i+-J= kRNT?vCUr}S$p.ep[ݜIT1m{:&?DmaD0yy\-aO4d3N,#fUi=hꢥaa* xҎH[Y3ظhFӧO Z7HJT|]\}L9i^xr `s\!v #y0?)I׭NmGoi?5+^x%Jp1Jn>X=8UƋmbH$v$0?|.}\Qn!9_V|U?"HHubqϩ>-ޞ M-im:3{T猁T??J0kkFIgIMMupq 8\屟A>!S쭭ņ'?§aT#fa]V7BBfV @2X`޺xj9mJ+X,'=| =?Wx1Hv} BXX膡[K}kßTԤ<( y ;#q胙v=Ɯ}GHO2ﳱ4fi-B=*in=N h}D&9 )|Wvr >Yg!^3Po+ڔ&{JN= ҂9+Ul-SSOs1;g{s[JghFXhkCe.̎hsaʊ?fx!;ab㊾Pg֘cIYDG6VSA\ Am<r2=_AYE+ QgrZ6 aq:?*d亳1tzTo3/V=Fl*|l̫6m7A%Y?N]]O$1ғl_SĊj,Kr@dE-pyW@y.[3&U.kHMe//ODoZ}p^n}ѯ.+9'%y[OCEJLJCt-+"eO)BMSLs]T\0G m`Vlm4_W=д7aILj j3jo,!pCnڗE*RSN-?,BaϯJr =Sv8P? ǕFC;yrƚ=6 d}iMv~U_k6^ϟiQqEJM\H]|ܘ?d|e  8$o_aJQ!w;cqY?cȂV4_Iv ɲmx53~?ƻd97_O2QUW>F+{c^lF#ݽaYr~/f(TɆiRTVA^ qR{SvP!X2zSQyn4\Q"GOQ8[IiƲ=*FM9QjO涬G&?z孜֯۷4̇N/ >֝o ~R?¸vZv柷s'J'eH>{Ict3M.#qW=*{G'baXg\wo UIS$z3EtaF#3N^A+YťQHcTo˺Qx~#Sw+[#*9:ߪĺ\guLe)fXᗼbP>WE(PzOdI|V;$I}X?לkMCH/^K6h۱2r1_3|Ik~.MŅ۬H9<ם\u<#wsby$#j.[Oi?Ao{j SF+n ƽݤf;,nn-.ຶfI`u :Nyum:3J*˅0FAs-q[.V;v-{M褀8nHA4RP"# 9c;FcqקPk]9@+LɣO¢*pƇh2]&5(bmo?pՃ7/ŒF?fS]QsҾ q&ߴkFH#.?=µ-"q] ̚4*3x=ϘdF-}i~JNR}fEJԷ)X~</[FݙD:zW |x~٘}}Zv𥠌/ts?R ZI Z?vU[M)D-K * ,!)h)ZȋݎsWg$95Y?ܴJԶUIsQ-+]4x*ා7b?z e9^n]GJylhϸTnkF?L6884?kL=d8ۑ=* ^m4qm; qT|~Za}e{jo2Dnu+Zශ|6$?Ky 2[o6->GnU)>'obBI;C*W/~ƳIn:o^ m |D֌> 4UQMd*󻏉z\6d`&:}k"^9Xmx1[?x`+N.Im9kIR SĮG}G^g:Ѷi|AgH6-vRH}x9n'h:)T uW[9b8=x{_ѣ B?mmSUiI%ԫt2} o'BW. Q(~*K.T(Gl$cR߼\+ KOncӡg;$m tĠ;MA YUdC;o^kB،{f" c[Z7KazDiGJnqޝKf GqS2-V&Ikrvך]8@uht9+4žX0n|drgbFI;V0ЍNX 0ʜꤡw}v{ymVwS@TX4K6G9׊̲i&s<pmΟiHw=z`:ȩiq0~Sq:F0RžuxZu DG5MBA8-WͳPm#\ť\\T,QחRu~'aJm.}4 cufurq8z37y$oh}vmɟ^#bq;XV'GP!Ul% W)@DLZr?>_SiwK:|(VW*J.|sk:vα.FR+75'} g<ٮsUI?~aQ-Ѳ8s1?Bgbj̶'h99SN nߔ+~Ve81s42w53L xVh2MǶj`2*<JH$+y xMwҬHz}W[9{ޟnYCwnISW# Aʌ3֕܏iԭJ_js޾AkEJZ5gfjBzU6V+Zɱ꙯no k7=\n.ŽO_ZX5|HOxP]p3*pG?M)ه?t{)+jR};m>1H9Eh;u<;Ÿ#l3yh̪Sh s0k.56k]D˅E +V'1_Eh*R0GZ~R]vT 3Fy?giڍ7w"2oN Q.㹓gknZA/ HG+~(!W/]K {"hhビ+F9N,i#K L3Z6k'~ Ύl7_]F+x3EqCm+ƻXkzuR~o_Rg:bFvyݘ(KVMȥ6<#]9}/k2gik8R?9Tg! ㎿]&?:݆+#ȥ Qi'83++KSV+M ڠ`:j ^]}"K,e p1S2ʂUL=+ږ{ HO8;\H,Xzٹ57+mcl-pO^Aci즉"L˹O<Mپyq=Ĩ'9w&#Nku8q]o2)u߁猏5M|[[o4)pCYvq4Qb0eN{Ev8vu6VϢNM[Rf ^Hw\r9?i$gjwQҙ񆑦izfxE?.\FI|he˳Ʀ&1/m=uAN.>ѥ[-ƚ$/rȡ]G'ī8Ri,RÂp[?ݫ˿K=Xw+sj_Z_=z L͟ϰAG,ϖ{ym&EŴyjUI]sK?4 n!Hr/7ϫfhIYiXaբT;MVwA&4D[rbp8Je+(ߩx_e$Ee+y6*g?'J(?{+W}_6zim}ee*U~vo_E4$:+4-'7/<ȫs&%K:pK"ܮ`KbNWyjbKEOѵ[Eg$Q}<,U 4Kk*r:m5ƮXBz?.5OX,[LpkҌQM ח]#E"Li.9VYP%{O^U34:!9yvFDȚ@ܮ3%3]Ujqg0y8*Wmw}l2Y,W7 7h0:}YZ}QrC0t:j/l apIdjbWs2ny}{7'}K )s}-J_WW(':Ucg^M(PW]kZd\ xFX~+j Hvh;(FJo# sy]EYɴfY豭ᦑJeMԆ,Hc2V::RKsUܒjFV%" }⤕Tbw)lھ0;TIYҎ9apˊhwx.]$W?whPq@ӹ~ăZ53͌n#;9 g&ⷵ +3 $V$mǹ-)5]xʂrZ[]0Y#lc_RG!}IX.#^kc:nz/^{ż:Wr׊Y^G=9MM$*{ƭ=/ZS'O:ps^eOk$O%8a!ʞ+B7"sZNڡT|eM n"X:Op{MdO6㎆Qw ikpYToFMǭ88+֢AYxHҸl=&ֳ팓QIv1֝cE KiEj ;o'A Y/fɨt[l+D<5 ɵImE,ۿ6[PKM$WX2m>qE'v5*|2\#Q^*iF+h̊9`Ĺ+Wylj XA[T0Լ' ha(Hјmqƽ|+D5 =?TZ7ǽaDT FG;WJӀVfpI3W)$Ci4i)uRK1qG(9SA'ggU:xu($J/$B=yBp/ާp,2qCKlm<2̏SvvjW^ZE~xW ZڪgUBC'xʤg8c2M=U{mb0HW8qWB>2Tj\ink_ȡ b)w?c&O#2Gozu߱hޱW!`;nm>QG Y漑V@t6+cY4`Zwӷ#8GחtO=/Kǰ_k;f3g^x]4Kd$wgxh.U&(!PGcDd%tT1 ޓw JrΘGu% O>e_5fp6tPqX٭OU:~Gқu"t6z<{ߍ_IXXYeWEi kq YIU$}3yo>y`Z*s\5]_ iEFIkK{+6~s]?$KXK\NG?֣c Kc_k?Iy䵤hJr&[O"o^ {,0]FO^VV{ =W+c\ <ŚI&b[o/<`鱦xu#l+]7k({wȎuV,A^QocHP:gZ:)%#F/t}ZɶjRhէˀOJBVfRqߟ<zpjSǡRN ZUoH?K6j4{;$kpv}W5Ak_t\MUiO$4[Krsִ(k]~ w"Uyit׶pi.od9s|Nļ6HdlL>{Ӯ^( cfTp$sTV$:ldHL{v1ag*o]2x{ =5~m}O;UәP_.YN8zjElu̍AR%p~|Q\mrXCP)Vi 1ס=)rԫ˦3SUmw]=Z_Gi>o 2vn8wF6H|pyu檽ͳʞm>鱌ohAo4K2,$8*&y?*JN"ijkw^ǥhL(ʤ\=6cM!Rc>` "M~EL>j4Tr S嫲uS: Զcjη+B1Њ88h:Tqj2WN@شM] D qe(h+U *#(*H;ZREs<$$ (Ѵ۳m}3g"v0oEvZ׵rz4NqSˌ\[x:Mc}^c_xzLJ50MpUoz͵xc#7gh5u>0njo5}5<^$cq澅m2{rzSΎ=v`{dKjU9e[_#n6؜:/`Jع[}i lg.hyCΒcWcp?ExQ'&Ojc==|u+YUl*5h)b?h/ƙ?F/ƫa,ϻ2=i9b/jXJHO.z1\O4cޚЗVLsw-̭$4$ɮ߉Ob96b@{}&5VoZ"+c޷Wؾt .Q>űe!  !R0xO+:f-~~i9ew6O;OD`N+ye! FS吙`1?cU+[@RF?t8qY-[E.=֒7?cGI֩OI9U;@Jovnq,<'U0ͩW%v6UE)']WUcxB^QaJ<~L Kk-4 Y-'/D y Ǎ]R}Rk)7ZJ9a%B!9=XҸaELעC' ͒x+R'{5po69/k :'Sf8KNe8c %-5/4;x2y@ 9(qݏ mGA] nM?rȢpGLuic&Nxk{0+S#ҼSƟ7cWWk-K&gzyhcӜXZ}z5 J?$ gfQ?y7˜!A ^¿;+zkoy#i\gaOy{h[+-yj~Y\vӣ+B o*V]zajsZǩ#0 A#*+iܤ3|R^M ./С/qVld^0IvUqtE0ª'ͣvNR}.Qrc3^jk{{{]l}|6.לb#!hn=8y(M Ď;_Qә_z7Nmn=:mtUn>t0W " ^V$cpbҩ#<{ qOUr~\2O^Q_)Η6F wWהީ˓^*EM9,1H#9V+IhaXIRNO.E"FJԊ]zlcR叝N{GM/M lĕMyg{e:޵wVHXы}.$ '۽:hE2VB2z֝wz?`8a$];˷]JؐcΣ csK{'4\4g £V[edܒH/}Sdt6@ao֣{iY2Ӳ\{iI+(3$#9&o//#ysדIi=uuSC[C(7^`%IKzd;5^7HxԾ܋m &Isaލ AͬH[tuZb&~g. ܆F^VŪݵ'h @2wk!;d3rxC^wFtVIG'\n6^a-&pl}+ɐס#$);m:ҭK]*4Fnr1Ь3ϓ[%ޘr!V_9xmBڅǑysǜ}⋧}NFG-V1(s]Wj 6@5oPmRtrs-|AZ:-.Akx~'<(˛EM;Nkm.QsOlWZx99'` uki-{ueVY o?.kF*'&Z+dSl\E{Ms^|]ocVمT#(PXl%Y7b*~# ]IqP ֕##zkO'~'zjfG^Ah׵}Nšx bFw7>!mF qq\q=AOXx}ZΡ$슲*Kp9ǚ*a^{de@oFkɊkA,C:W,6ƕs s|檵Ftm5mu3mnK{:I +`"7&;`zV/e{XuKaq+ 1<v !D{oFMffwG=5L}*֕o2a،CҢ28cKp@5淾mft{n3TIj&rjϟGu0c֫ɤ{i_C &68uziϠwԏ`\MޛMK{/ܶkn5 GrqP \A+'?W#}q Q>5rd57g_qBQ[zP 4"<½kI;fQ0f^Cnb2sZj|LԸ-YoS/qָ:tVV`|{G̽+C7e^Kg<kky8'81y91Fy<7߶o+_Y.j_(4X[-w)3&H9'R̶dإe%G$y/Rp3ۧ47t8:mf֪֟y_1z8_gw6mhZh0YhM?йo[yipgP=qk2+chFX`7dxyFMfZK;HP<1=2TcҺz/g5bm]쭿Nwz.*۱M:jŐf).~fcps;=kJ=}D8 Pz^+@R/Q@ |T%#Z !Mg~l*OVe"k."U_Ud jaa@ZHЅYVLp3ҴqTqBU"Fj6u/4 j}YQ˓W fMUD5b>ִhLfGjb)IDW n[.8U7LV.lNOO"d7w;c6A͞f}˷ڡȽXfr>bM9yQa*hdRU!l󟉾KN@&'ᕣJk2~k׾Y_/p.mOeiN>sgb$vP 8?œ5ۂ6\㊿qh5ėH#?ҲO͵Gp0`X)KAs?f̝խ?AuZ by vAk= UϖEQްQ MZky,m>g.8>'bkҬ Q9 j 1+7f#*qSs?ƝF t_Bd詒 _feEKbPwds]:#x|'HlexnNRMU0r.ǩ^֞BG-POL8YTFj'ra |^v<':uGecWϗ-y⣳=nM5ŒRU"Xih&Fi(D8x#҆r?p&3FiVRn4qxv % rU+_vjAPb>U4<| *a+@ . QɧK "XNIޯM6JU5vSZλ\Z2|$M2T9FLpkAlYJ0)re5UܩXH;R S(#DE" C$V5Hd*/t?Z4kQxT{Z`Mbu3^85\<Җ$Զ8RwlIPUvvMF֕l$8u+m854A;/"pa9Ί`f[є}ȬkiHkpLz+Oj>{m] |_N\[/Ba4y|ԶT5%xjd,{\L>n'?xcJ5+>)$LZBj'xyhQW(_FsGpqydcӯZK-#ts\ͫ4iO soDgo4 i;~GY|DuH[UƼ>NQ2c4 iሕҼ!-U=+"o{qߥtڄilr\-=dR?SBcC[_iԫHa}y3AmZkAp1q A1Zdĭu~TR}?ᨼ p_D_j :rzvsl[PnCv)pQc54<إSXI?zc{sPnaA,0~VJ;[5vɬ:.7&H$.{Wxc2,,`rB z&~s ?+O;щ@^II%hRy5{Ocq~P y[7Dq,KJY:l{dE3Ҷm~*̀p596_(a+Z+OF?zvi|dL۰=w?~}A5b0=*AmUDžqQ_4I:W"Q٭ٵ/M1VntY` *Hc [7Ey67kɷ HQףiP\70 o?O;jbᮇ ޖIAM2դM9|Ү1[rb~DUAPsnOх+ 's6EYN>MWh~2qCB3F p( ҊWпŠ]:i嚾|NO?fNk*zj(&4f )h@?J7`9Y95Բ+ސU'AW%R1nW,;V2@wҤ#Z5Vl 13r܂hڱm%+Z4fqRZ2{x$̽h$ dǽv7K3\&/zqf~hTQ}@E=ii)€!j*2/c܄W;q5̣Q>neqN#i22ZWֲi491ݶ̹ T KulcS+I7nhfj6q{ʇi"> "oo v X7Z-#I_aLH+laY7iE}1:NAEtƅ0u莙mvG!3vjUe  U@"0QFʒڒbGN]E[F%{. ȬȰPqf=Y\ʻ8R9Y"*ykn{bGCYS!G*E1 pZPp*ECTV1qji,qNlF8#ZeqH:$GmfGZ5UL*jF)*3zdi&8]9 tR%?l\uPFuQǥU?9/O⳴n D*G³ } F{Բ[^dXA 8':wIVsoY-(=;qZZ],%͟3z&o_E34Q\8#2YnGǽ{n3TRS^)JV}65yzL;ЊL]UQAT<UybbQVoG^cEHd_X33L\ՍDnxiF3m^Fl3^ew,'Y{] ^o-7R t3dwm=ͣ)Ίyog.igam|cl[miNXvQ>bE:OzD J`~gbRI%#dݜsהd[O?v&l}N?Z^Lc"wO mW,)WA{O>mSgͭm\ A\ǩ*1ҡJg׮MRi $(>b)чWK{暨2QFEjnZ.[lOaVW+mUDb:+_{~d;dU)80hz|m-?슉O'2:ҥ'^櫚,sL.#>Uy~9 H}/ vI#cV"yȪJ,O>[+{IFz*}]=Pq\VrNkl%cڰbRʊpAkOJLi0n)SUi( ~t֞9fU I2oW+.qm]/qXҎ,yqFERSsW-6^bm9~_",يCVQY5Ykn|=62ڂWu 9cKS֕qt@&p6'@A(Ԟ"|Y'aV\ phS9ES`sH|G]D,#T2iVK/ѫ溘Fc{zZRhO#깪h~b7vVy7V6ԼJOȹqc'e3Ηv}W|9v׌[ps'jOfDV/a=-[&7e+/OҬ! B 4$ Q)5䔹[4*3OE&h!X>yg5r߻ǭf2hfV1##,[um`Ee_ʦƩ~iY995NE^j3Hd-C1`GVIH"uyGTpiT{E*˜`Jߎ'B*9d84*H`NF/ w_U1tN1Zz08V݁6j4#pn#^X?Ț_)Nkl텼?{dZ#ɇ^8 HGސ!~I,|3t2[v36O/O~uF=)ވw鯧">RQӶ}{NUk89132CvAľKc3LTkWcz ےIyJ8m^gsMH\7\ٰ7m)gW5t۞BA*q)<_P}B-ؖbd@iD UKaJ[#.)~boyph`_z]SRܜskjͪG׭@QF: O&Cv:Wx+Z(<ޗOjcSS ! A/''0d~qLK֘Q8b x["N*h$o*+۱S/sW5n"YV=*MUVejEWCޥRiW-^) v Ȭ-^(e)7jt5n)n jraU&45sz:5B&Cs$XoV#jI"&Zg-D ߈4\%_3+3RyySn꓏HÏH5·|#$8>J76>xv]\.EOC*ڢ;[xƃ zQIX768ғ4hPOp( ] TOUdl FaTB ̀krĀiȥ`vB`TlMV,K,͞rSSsPChLd5f3lG=RCWs#dVA"z.4XqV kk'=i8H'!8n-s\Xq޻ fm&!K>qiGӌFq=*$,֧rg~QTMKw%wyc,j## ׭L䭸ԑjsrٽfcZj Cb=ƃ kt@*3qMLV0 *7ңh:SSG>e$}inb ӞĤMN%Isnb܌Ϡv(ٿ ٱwV,h>NhdxtǩR o8Q ) :€sQ;1Ub* . 8-.Ub\S[2jyCRLn=):H&ة,׍4oT)VG5 UkEi*!GJ2*`x$5mi49;}F9Z'baܜpk2H F-5ii~9zV* RFUإTb ]CF>ijʚd].55*MdL4ywsG}ME֒N,Ȩ1ƋF$_Fp |0.&ռOFtu>녱]mNJ󿺇n15Ɋ6kcNf!iV~ij,N@H[G&\t\z 9,v\ɵOK)EdHjBXH#*jIUWjMHj")ǓmM]i,{cATdi6I\31Zp8 ؎jÌ0R pZҜJE\l)OagG6tk*{UD2~YzjTmQFp܁n˹&dHSH)qO ۹(`GJcMZ!~6!\44j53!4"_uKxȾp z-m6Kp@4 uװyFdbuLc5oǦ4i3*>Yk>́ Z-Lic(>Z][ĩKDfM#y~fW'9[pBm N }`ܞzd{fcFs.Ug.k񑴴H9oMR9}Ӕ4~hicl$yiG5x^7L&HIJrTW:]m3,Ѩ11gƴ#5o@u~!!aVm9Q~(cW ri.[RcNRUl S5\'A8IiwR>r1s#Kdm=+7aڜ.8 as|{  G&e F+Zt2R!v[ HfvҪFH2?ֺ}b/sL-ɪ6ꛌ}5yOFUjJ`4M"#"Z2 `K~)h8SL ҩ/]r*|L_a[ZaQTqNEf[ҌP6ZVdVXV@VQT!~UjfB"VJXX+aYzVQ&0n`3h$B;_ƺuK#NYuJ NՕ9#;kT c 5R\=i[̹541QքCˏ'|qLj'|Ejwza~)@!H|ɏSH#WK9ƀ zʽlf& )`ɩ)@R9em [0"W'C$n#C8UeHFz~tƑ7);nF@n=眎gW!bУ|H5衃dJbѯrl=`F5z{F%JiitPd#f\Nc0i\Զ[ j*%\\GGkm`Z_,ʸz޹씴4nJqQǥV2IZ;U*A5w3**%7e D(Y 5zZ s֪*VJ/Z2vMsk],tɏTw"9q\@犅K/ RcE^pUKnUC M2Fq4o$EQm2#֪y8Rn6'9Y@G"ɯҜcS䉢hǨ\Ɯ÷j?޹#CַOwv5lrKJ,Dn=]cb-YصYl]^cBNyO;Dɞ Q&zYud[[w4`?H<.$0Ƀ)<̞P!Z{3p:kzΧr[I]+LaE9[iᡦ?%\cr%+.`֨nJr@+MZwJl/qg A$Ni]Fj0AƓe$Nnnڹ5RK_J^C5E93ˁHhЃ8!QSJGIA4i :RwJ4i)ixBcc 3@XPK3tg5_Sy k;fDkJի,-x݃MS@|՗sWz-1f3C,#T UJHrdRMȇ"#Y(P11 qY2vQs\'#Tig$:-85%k&*KJ=XIp:Lͫ +d?^vɬo4_k|ۆxs39m5['&|[p 8wբ4'ː5޵ \hZ-QnqQI&idpj"ME棽m#^;`/ݹlFI\0ET:U+H\JAvِb{ҳb{3>8ɟU)MK#櫞MK)!=Fi:/QR 9RLW%ff4Y^NjM2GT-jv # |rG CK{VbMdH`VtXӾj3ҁ$C#asTdbǚgҪؤQ i0am$p!4[qH9"=V =K9p0+8_SRˊ+jc5V!1V4e#Su02Y\ɚ7)HͽL%b^lICVH cUEiOe"N{72: Щ {v\/$,%R_ i.nœS?Z8In*NΡ>q.V[@}󌚴ڼ~h;|D;[hc.~e%g#=:‡I5D|kx^ژ+icaV~h:mΓ G$$үg{sg?#\S썣!Gkn/4pz՛[{_0¥wF|"U[{H1: ζK(Tpt'y}A>้QGþBO|Cz-uʡT%M1nF qp*RHIB ;D-+4+{-cNy?8%9jlFƣNf5GjAS)#9QS-Q#6Qi@ɧ534ڙ- )AU7e.P3qL3QpiޛN,X2543 A=ϑRˉUNRbAV"n%Q:S!lP!jOLTѵ fRU"jdU&C/#TU8ڭFsVbJG֘UFHeM5ΝA=o_@VC֨r͓k6@6!wW?[ªvd瞵j3N9!BygrcEi0uj[˳$W3IZ i SӦV#{jHCT2XqɫbpV-&_j3z/J[qcڠe}.ʀnY*p*hzS1RlӇjMI95Kc7Et3GZ|ЎPq$dt5xK 5a4]qq^k|H׃\qf})c]OUq^"-#SQ/kQh!{ZqD9'5&XKko԰Aɪn0iaȡqF3[r=qm+so23mlYl?ihhE:V`D֑ l֪ʮ=p/$YrwO™3wYM8T\zUkKET ,u]F.#F85? |3yj%=/EU)m-T"I@MjHPG `SZ%ck F#T`54.M8ѻm"V&icf 6F89f<ҶEWcI sQ{Nn8GU8jVsI cQ19Dj@ԄHcSIM'.SY&4ai2i z?SB+b$jQCM=Nbq7gR,ҁ8TUhi5^_MgB^L^՘ک&jf 2*1Ԩr)6T*ТQ@h%9"GhXAN4{fW5snVb+|.P"zCB(`{? >m{~j{A-,帐帶<ĚYҧ`V@3+mCLNsϓc}2I8tW pq]dJoT֝Z!5}dd$֕nnkPWEhiF%XN(jRK|yTi%!ybpom,us֦EP(&ˊlsR[5#*OÊ%[aIp"Nݑ^ϥvҏ̸t(0f 0ZV2 U^(8criؒY5$=v<{u Pg"$'=MW`G4p*g<) BjK4UBō"ʞ ]߹¼)pUCd_洮[ kԧ@U76[˚ȸZF1)<42k/ ӜSLsVWPGT׵R)hurVmj Ew"\wCO{OmAwML{MBݭq=}#Eo+y68"kzZ\[N\>U1A An!mU9Eh0QFǽjFIݏ*'jsLha4Rg! -Hh=>w550NisHvJmF~q@1ukҩDyhr* ~)-#S8\ԒqP1!4&4#McCa4 kif9bbɨi2ʎ* Y As%!agjMKK[?42vsW#jxɸƤ^Ie"{ԠhSHx/\ҹjЄ*gmNV$2lIv$\UQ:fCEbi7SMB٤R4I9ťm=i*UƹsPNdu#&AđvZ,[\V*@ 8 $FYj65 5nz3TeؚjSbU\40zt5\gPZeQ׽')4Mb! ޠLj0چk3Wr+pMI `QԊSSW=:ԁ=qNW-TPI8> ᄐM zx~92a.TqOl9{U5-dsҚmN̹$["jq ,5A Vv'! =I5/.~嘁MOH]@IK Nis 煽wOJҶ,pke,qV">Q9XAxA :dO ,=|2t/4ơi3ު _ᇱLEDcm$M@&phk j:e2I 9j-Z|f8jX*pjy&Q˾MLEN$S{0K1N,F7$!-#j勩޳f 2r/0rM6GZ ֲQ5|Z'q5éף=i?Uy&)p[WCp##[0D11Wk`9W`8`X"pF܁XמAx Ѷ'*&4z71ޱ5 f~drz4WvX3_dsR~F6ny|tA׊}zཨ^81py>WB2՞#`U9fstu5zCcKj+kL)%ETuȩe#PSZ.>%e9V%Wv%GQT'On9|2bǫartf֬g%dU*j6T)UքOe))Uc" HBY9hSN]5%a|>WNdz~vlx@K52w &zXjCqO[j~/o:.zxYn~qTCl>Ô\iqָuX2c]Z\Q{qkU@kk{M9=ZٗRfqU{QT L%ڋڒPVoAXWO*GSq6cWR勌 ߅L8#.+JuPy'T%SE$H+T$j,{EjrǚX"?Dk#QFwB{]Doq#QHk#/34Q/ƾe>稬&C#f-A֡jdMƪʌ8>\FŇ4Cznm_o#\d 8n@W,?aWbYh\-ڶXpkHWq_&nq*Q0miך׊U*U]&2 KBY4NBM!jcIJ&iwbhW%֣zIHϚw `3NAMjU4}*QPU&HZQ &"MPzАwPM"=MKsȨCNOQ8TژSɢZ(X%Wڂr 4(4cj YmҶEd*Mc@RHj41֤sLǥs^P1QY AqYڤ;% sfR q04җ@ 4R 4~8E[ޜTJ\E~i'P1zq6$/"|?JpC-+)8P@K)b8ɢ w2Io;UWj6 4c܎} L0֜$9NŁw2GGJ? IKg 4E-0j ^Z[⑈=2 (+A¢h)'&CI.J\jQqRa~nj7 ^F8T0Ήv8W>zU]kv.TKex /^ O>twAĊ3& g+W<ۻt K(u8|9n= c_wSQҪk6e[]Ѿ~ lX GkxHVgJA"ޘm.~`sS'!ccFK&<uܩ+ZWLj!^֩ h,+WO fB>f֢Hk+.c+zzSlvȷm>ա_=";cMMҤiuqCJtmIZKR5iÔ1jy"#@WւQh04R@iM4qL~]4J$)n)jW*ŵniD5aG9TqOJzIs5&jaj&n(,Ԋ皈cH "b")qB4SFqP"1@e[2sLCOIV7BJ [0܄W!)ғ4*SޤEYNXei7R̴ +NT3F+# 0ygS V"-)pCKHaKF(Gj]}q@ZSҀ S3H(]ئFN~P˒)!E8L~vIE!<Ԅ74u`M 4J@)4dғ4QL{uL&LL`M>1OzrqSti"Ú~ym4N4x@}ؠ|ֵDi3>^ۉgAu+jzsp0:Q )o T` G5'wriMN^J'Q|A* ݎ:Wq7 8v9#;5m&K)@#Ps~\G׶6$ z;gz;rqץx~ۀo \?l׫|n>^\HJ' Q<k6ۓM+2qcFPr[ڕ[r6%OOf09hҹ&N~^ƺI#ܤkTiEŔ849Fe^i{یUHG&k#;RhVdi7 ̹<6ZLkpZMZW*̳ gwl@0 SxTwMH<ޔ $Ԭ+m+L sP1Y n4 # reH=ijdP d2=Z<39VDNmHi@^W4d0(5:;7 gOPKykF+?VtG;V`FEPH'֖)Zmn8MsT~Q\8eaE QMZ\E-(w)!:Ҁ3EЀފ(@)ckZ((EQHqEJN(Z(1E(aJMQE5F(ьHMSEҚ}15 ^ #4xo* Z(>H'VD7Z'QHSfF$RZ9+r 5WM't<:sއ N3EьМqQɒET2^9q֤ڊ*YBAP Qִtj[eĕ4"KEPE%;&pMS$Ξ5Y4QB4HAtzG\ED2&Uz(,juW(șuI:QE $]MOQO]Ms(%Z9S$ˌ(rZUs(6lRyaQET q@"c&Jhv* {d5BU4QRjTA(
Warning: fopen(https://newsweekme.com/wp-content/uploads/2017/06/2017-06-08T093904Z_212348675_RC1B1244C240_RTRMADP_3_GULF-QATAR-MARKETS-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

FILE PHOTO: Traders monitor screens displaying stock information at Qatar Stock Exchange in Doha, Qatar June 5, 2017.

• On June 7, 2017, S&P lowered its long-term sovereign credit rating on the State of Qatar to ‘AA-‘ and placed it on Credit Watch with negative implications. In S&P’s view, the moves by a group of governments to cut diplomatic ties and trade and transport links with Qatar will exacerbate the country’s external vulnerabilities and could put pressure on its economic growth and fiscal metrics.

• The Qatari banking sector has a significant reliance on external funding, which S&P identified as a source of tail event risk. At the same time, S&P regards Commercial Bank (P.S.Q.C.) (CBQ), Doha Bank Q.S.C., and Qatar Islamic Bank (S.A.Q) (QIB) as highly systemically important banks and the authorities of Qatar as highly supportive of its banking system. S&P also considers Qatar National Bank S.A.Q (QNB) to be a government-related entity that has a very high likelihood of receiving extraordinary government support in case of need.

• S&P is lowering its long-term rating on QNB to ‘A’ from ‘A+’ and placing our long- and short-term ratings on QNB, CBQ, Doha Bank, and QIB on CreditWatch negative as a direct consequence of rating actions on the
sovereign.

• Placing the rating on CreditWatch negative also reflects our view that Qatari banks’ funding or liquidity profile might weaken as a result of the recent developments.
S&P Global Ratings today lowered its long-term counterparty credit rating on Qatar National Bank S.A.Q (QNB) to ‘A’ from ‘A+’. At the same time, we placed the ratings on QNB, Commercial Bank (P.S.Q.C.) (CBQ), Doha Bank Q.S.C., and Qatar Islamic Bank (S.A.Q) (QIB) on CreditWatch with negative implications (see rating list below).

These rating actions reflect S&P’s recent action on the sovereign rating on Qatar. They also reflect S&P’s view that Qatari banks’ funding or liquidity profile might weaken as a result of recent developments.

On June 5, 2017, a group of states–including Saudi Arabia, the United Arab Emirates (UAE), Bahrain, Egypt, Libya, and Yemen–moved to cut diplomatic ties and trade and transport links with Qatar. The measures imposed include a blockade of land, sea, and air access and the expulsion of Qatari officials, residents, and visitors from the group of states. S&P says it considers this will exacerbate Qatar’s external vulnerabilities and could put pressure on economic growth and fiscal metrics. S&P have therefore downgraded the long-term sovereign rating on the State of Qatar to ‘AA-‘ from ‘AA’ and placed it on CreditWatch negative.

As the CreditWatch placement encompasses numerous downside risks to the ratings as a consequence of recent events. At this stage, S&P notes that it is unclear how Qatar will respond and the extent to which these measures will be enforced, or for how long. As further details emerge, S&P expects to review these aspects and their potential impact on the global ratings agency’s projections. The next scheduled S&P review of the sovereign rating is due on Aug. 25, 2017.

At the moment, S&P sees CBQ, Doha Bank, and QIB as systemically important banks in Qatar and the Qatari authorities as being highly supportive of the banking system. The ratings on these three banks include three notches of support above their respective stand-alone credit profiles (SACPs). Therefore, S&P has placed the long- and short- term ratings on these banks on CreditWatch negative as a further lowering of the sovereign rating would be likely to affect them.

S&P classifies QNB as a government-related entity that has a very high likelihood of extraordinary support, in case of need. As a result of the sovereign downgrade, S&P now incorporates three notches of support in its long-term rating on QNB, rather than four, and have therefore lowered the rating on QNB to ‘A’ from ‘A+’. Again, its long- and short- term ratings on QNB have been placed on CreditWatch negative because a further lowering of the sovereign rating would be likely to affect it.

Moreover, S&P has previously identified Qatari banks’ increasing dependence on external funding as a potential source of tail risk in the event that these funds suddenly dry up.

The Qatari banking system’s total net external debt stood at about Qatari riyal 182 billion on April 30, 2017. The majority of these funds are from Asia and Europe. S&P believes that recent events have the potential to reduce external funding sources.

Although S&P does not expect this to pose an immediate significant risk to Qatari banks, it could mean that government support could be needed to offset a potential major outflow.

S&P further warned that should it observe a significant deterioration in the funding or liquidity profiles of Qatari banks, their SACPs and ratings would come under pressure.
The agency’s assessment of the Qatari banks’ creditworthiness would be revised downward if a deterioration of their operating environment had an impact on their financial profile, especially their asset quality or
capitalization.

The CreditWatch placement encompasses downside risks to S&P’s ratings on the banks as a consequence of recent events. S&P says it will review these as further details emerge, warning it could lower the ratings on these banks if it were to take similar action on the sovereign ratings. S&P could also lower the ratings on these banks if there was a significant deterioration in their funding or liquidity profiles.

Should S&P remove the ratings from CreditWatch and affirm them after taking the same action on the sovereign rating, then it would expect the embargo to be short-lived or that Qatar had responded in a way that would maintain its credit metrics in line with its current expectations. At the same time, S&P would not expect to observe a significant deterioration in Qatari banks’ funding and liquidity profiles or operating environment.

RATINGS LIST

To From
Doha Bank Q.S.C.
Counterparty Credit Rating A-/Watch Neg/A-2 A-/Negative/A-2

Qatar Islamic Bank (S.A.Q)
Counterparty Credit Rating A-/Watch Neg/A-2 A-/Negative/A-2

Qatar National Bank S.A.Q
Counterparty Credit Rating A/Watch Neg/A-1 A+/Negative/A-1
Senior Unsecured A/Watch Neg A+

QNB Finance Ltd.
Senior Unsecured (1) A/Watch Neg A+

The Commercial Bank (P.S.Q.C.)
Counterparty Credit Rating BBB+/Watch Neg/A-2 BBB+/Negative/A-2

CBQ Global Ltd.
Commercial Paper (2) A-2/Watch Neg A-2

CBQ Finance Ltd.
Senior Unsecured (2) BBB+/Watch Neg BBB+
Subordinated (2) BBB/Watch Neg BBB

(1)Guaranteed by Qatar National Bank.
(2)Guaranteed by The Commercial Bank (P.S.Q.C.).

Social Streams

Comments

comments

Facebook Comments

Post a comment