每日新闻更新 — 穆迪升级卡塔尔的信用级别 The Daily Update – Moody's Upgrades Qatar

上周五,评级机构穆迪跟随惠誉将卡塔尔的前景从负面调回至稳定,同时重申这个长期发行债券的国家和外币高级无担保债务评级为Aa3。穆迪根据同评估一起发表的一份声明表示,“卡塔尔可以承受沙特阿拉伯、阿联酋、巴林和埃及实施现有形式的经济、金融和外交抵制甚至在延长的一段时间内有可能进行的进一步的限制,而没有导致主权信用状况的重大恶化”;穆迪补充说,“此评估的做出是部分基于卡塔尔信贷指标在过去13个月中对经济和金融封锁所表现出的大量弹性这一证据”。

Aa3评级依然受到巨额净资产的综合支撑,其中包括主权财富基金(QIA),穆迪估计该资产为2017年底国内生产总值的137%,接近6.2万美元的人均收入,而且还有超过140多年的碳氢化合物的大型储备。在我们自己的NFA世界中,卡塔尔是一个7星评级的国家,是我们分析的所有国家中最高级别的国家之一。穆迪还认为,持续到现在的争吵影响不大,并表示“稳定的前景反映了穆迪的观点 — 就在抵制持续进行之时,卡塔尔的信贷指标有可能还会与Aa3评级保持一致。稳定的前景也为一些额外的限制提供了条件,并得到穆迪的观点的支持,即这一对卡塔尔的信用指标产生重大影响的区域性争议的快速解决或严重升级都是一种低概率事件”。

我们仍然认为,就目前的水平而言,即使在过去几周我们看到情况有所反复,但卡塔尔仍然不失为很好的投资机会。例如,卡塔尔2040年6.4%的债券(穆迪/标准普尔评级为Aa3/AA-)的收益率为4.72%,在我们的模型中缓冲略低于4.5个信用等级,到期的回报率和收益率为16.75%。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.