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S&P revises QNB’s risk position to ‘moderate’

Standard & Poor's has affirmed Qatar National Bank's (QNB) 'A+' long-term and 'A-1' short-term counterparty credit ratings, with 'Stable' outlook, and revised its assessment of QNB's risk position to 'moderate' from 'adequate,' Gulf Times has reported. The revision of risk position follows a review of the lender's recent acquisition of Egypt-based Nationale Société Générale Bank (NSGB), S&P said. "We consider that the weak operating environment in Egypt could be prolonged and significantly affect NSGB, with a likely adverse impact on QNB's business and financial profiles. We have therefore revised our assessment of QNB's risk position to 'moderate' from 'adequate' and our assessment of QNB's stand-alone credit profile (SACP) to 'bbb+' from 'a-'," the credit rating agency said.