Moody’s reviews Ezdan

Moody's Investors Service said it placed Ezdan Holding Group QSC’s Ba1 corporate family rating and the provisional Ba1 senior unsecured medium-term note rating of Ezdan Sukuk Co. Ltd. on review for downgrade.

"Today's action reflects, in our view, the deterioration of Ezdan's operating environment on the back of the ongoing dispute involving Qatar with some of its fellow Gulf Cooperation Council (GCC) neighbours coupled with uncertainty regarding the company's financial policy," Moody's assistant vice president, analyst Lahlou Meksaoui said in a news release.

"The rating action also reflects the weakening liquidity as a result of the decrease in Ezdan's equity portfolio and tighter covenant headroom."

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