S&P rates Industries Qatar AA-

Standard & Poor's said it assigned an AA- long-term corporate credit rating to Industries Qatar QSC.

The outlook is stable.

The rating reflects its stand-alone credit profile of A- and three notches of uplift for the extraordinary financial support expected from the Qatari government, S&P said.

The state of Qatar indirectly owns 70% of Industries Qatar, which is consequently considered to be a government-related entity, the agency said.

Diversification by product and end market, economies of scale thanks to shared resources and strong joint venture partners are rating strengths, S&P said.

The ratings are constrained by the price-induced volatility of profits, as well as the cyclicality of the company's petrochemicals and steel-production business units, the agency said, and concentration of production sites in Qatar.

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