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S&P downgrades QNB, places Qatari lenders' ratings on CreditWatch negative

S&P Global Ratings on June 8 took ratings actions on various Qatari banks following the severance of diplomatic relations between Qatar and several countries.

The rating agency downgraded Qatar National Bank (QPSC)'s long-term counterparty credit rating and senior unsecured rating to A from A+ and placed QNB's ratings on CreditWatch with negative implications. S&P also placed the A-/A-2 long- and short-term counterparty credit ratings of Doha Bank QSC and Qatar Islamic Bank (QPSC), as well as Commercial Bank (PSQC)'s BBB+/A-2 counterparty credit ratings, on CreditWatch negative.

The actions reflect S&P's recent downgrade on Qatar, as well as its view that the lenders' funding or liquidity profile may deteriorate as a result of Qatar's ongoing diplomatic dispute with several mostly Arab states.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.