Telecom giant Ooredoo dips on Standard & Poor’s rating review
The Qatar Exchange 20 Index lost 0.89 per cent, falling to 11,049.69 points on Tuesday, February 4. Ooredoo, formerly Qatar Telecom, slipped by 1.94 per cent to QAR146.20. Earlier in the day, Ooredoo said that Standard & Poor’s revised its credit rating from investment grade A to A-, while the its outlook was raised to “Stable” from “Negative”. The credit-rating revision reflects the impact on leverage from plans to increase capital spending in 2014 to support the competitiveness of some international subsidiaries and the rollout of greenfield operations in order to produce future growth opportunities for its shareholders, says Ooredoo.