Moody's places on review for downgrade 8 government-related issuers in GCC countries
Moody's Investors Service has placed on review for downgrade the ratings of eight government-related issuers (GRIs) based in GCC countries. These issuers are: Emirates Telecommunications Grp Co PJSC, Industries Qatar Q.S.C., International Petroleum Investment Company, Mubadala Development Company, Qatar Petroleum, Saudi Basic Industries Corporation, Saudi Electricity Company, Saudi Telecom Company. Moody's also placed on review for downgrade the ratings of Qatari Diar Finance Q.S.C. (QDF) and the ratings on the notes issued by 1MDB Energy Limited (1MDBEL). Today's actions follow the placement on review for downgrade of the sovereign ratings of Saudi Arabia, Qatar, the United Arab Emirates and the emirate of Abu Dhabi on 4 March 2016.
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