S&P Global Ratings has seen an abrupt and severe global credit downturn caused by the COVID-19 pandemic, with corporates and infrastructure players in the Gulf Cooperation Council (GCC) countries feeling the effects. Since mid-March, we have taken negative rating actions on 16 rated regional players, mostly amid increased pressure from the global pandemic and a sharp fall in hydrocarbon prices, and significantly lowered our economic growth forecasts for the GCC countries. We now expect a mid-to-high single digit real GDP contraction for most rated GCC sovereigns in 2020 and operating conditions to remain weak over the next few quarters.

Table 1

As a result, most regional companies' earnings and revenue will be hit, and we have even slightly lowered topline forecasts for relatively more resilient sectors, such as telecom, due to an overall weaker macroeconomic picture and subdued population trends.

Table 2 summarizes our views of the impact of COVID-19 and low oil prices on some of the key sectors in the region. Our risk classifications are based on our forecasts of the overall negative effects on 2020 financial performance, as well as potential time to recovery. We discuss these in more detail in specific sector sections below.

Table 2

Although the effects on different sectors vary with reliance on oil and tourism, the picture is largely weak for the region in 2020. Currently about 65% of our corporate and infrastructure ratings have a stable outlook, although we note that government-related entities (GREs) represent about 55% of our portfolio, with outlooks mainly linked to those on the respective sovereigns. With the exception of Oman (BB-/Negative/B), all our ratings (where we have GREs) on GCC sovereigns have a stable outlook, as do 89% of our ratings on GREs (we do not rate GREs in Kuwait, Sharjah, and Ras Al Khaimah). However, excluding GREs, only 33% of our rated GCC issuers are on a stable outlook and 60% of our corporate portfolio is on a negative outlook, with a one-in-three chance of a downgrade over the next 12-24 months.

We expect noticeable changes in corporate behavior as management teams tackle challenging conditions with limited visibility on the recovery path. For example, we are seeing a more cautious approach on spending across the board, and a number of rated companies have announced capital expenditure (capex) and dividend cuts and cost-reduction measures.

Corporates Will Deploy Conservative Strategies In Trying Times

Given revenue growth challenges, and a lack of clear visibility on recovery timing, the key focus for most corporates we rate is managing their cash flows and maintaining liquidity. Many are now revisiting their operating expenses, renegotiating some contracts, and eliminating unnecessary outgoings. We have also seen some companies resort to pay cuts and redundancies, particularly in more exposed sectors such as real estate, aviation, and tourism. Furthermore, some rated corporates are already cutting/eliminating dividends to keep cash, and we expect this trend to continue over the next few quarters.

New investments are also taking a backseat and a number of companies are cutting and postponing capex, particularly in real estate. Although this should be relatively limited for telecom operators, utilities, and some GREs. National oil majors across the region have also announced delays to investments.

In addition, we note that a number of corporates in our portfolio are trying to monetize noncore assets through divestments to manage leverage. We think that current conditions may challenge disposals and valuations, but a limited number of corporates with large cash balances might look at selective opportunistic acquisitions, with a few such announcements from regional telecom operators such as Saudi Telecom Co. (STC; A-/Stable/A-2).

Since most corporates, particularly outside the GRE space, are cutting capex substantially, we expect demand for new funding to be limited. Furthermore, regional banks still remain accommodative to good credits, providing funding at better terms than the capital markets. Therefore, we expect relatively limited debt capital market activity for most rated GCC corporates in 2020, outside of opportunistic refinancing.

Broad Negative Pressure, But Certain Sectors Are More Exposed

We expect broad-based pressure across most sectors and markets in the region but some will feel it more than others as economic activity decelerates, disposable income declines, and employment trends weaken. Most GCC nations host large populations of foreign workers, which we expect will modestly decrease over the coming quarters.

Potential negative population trends should also mean some weakening of demand and revenue generation for otherwise more resilient sectors such as telecom, utilities, and food staples. Data on foreign workers in the region is not always current, and comparable, but they make up a large percentage of the population in most GCC countries, particularly the United Arab Emirates (UAE; specifically Dubai) and Qatar. We expect the negative effects from potential foreign population outflows to be more pronounced and potentially create performance issues across a larger number of sectors, particularly in Dubai.

We do not have a public rating on Dubai, and based on publicly available information Dubai's economy relies heavily on retail, logistics, tourism, and real estate, which we expect will only partly recover by 2021. As a result, we now expect Dubai's real GDP will shrink by about 11% in 2020, compounding the economic slowdown that began in 2015. Dubai faces a deeper economic contraction in 2020 than the about 3% decline it experienced due to the 2009 financial crisis. We expect the emirate to come under particular pressure because we've seen substantial lay-offs over the past few months across most key sectors--namely, aviation, tourism and hospitality, real estate, and retail.

In Saudi Arabia, the authorities announced several measures in response to the lower oil prices. Effective June, the monthly Saudi riyal (SAR) 1,000 ($267) cost of living allowance provided to civil employees and military personnel was suspended, which will negatively affect disposable income. In addition, value-added tax was increased to 15% from 5% on July 1, alongside higher import fees on a large range of products. This will make imported goods more expensive and, if passed on to customers, further weaken consumer appetite and purchasing power. These measures came at a time the economy, disposable income, and consumer demand was already under pressure. We also expect some further stress on other sectors from potential outflows of foreign workers.

Similarly, in Kuwait the authorities have strong nationalization targets that might negatively affect foreign employment, while we expect fiscal consolidation in Oman will mean relatively limited activity on large-scale projects, with little private sector growth .

Aviation And Tourism Have Been Hardest Hit, Particularly In Dubai, And Recovery Will Take Time

After months of travel bans, flights in the region resumed on limited routes from July 2020. However, we expect it will take several quarters for international passenger and tourism numbers to normalize. In our view, travel and other restrictions due to COVID-19 could result in global air passenger traffic dropping by up to 50% in 2020, with the recovery taking several quarters, possibly stretching into 2023. (see "Six European Airlines Downgraded As COVID-19 Impact Erodes Credit Metrics; Majority Still On Watch Negative," published May 20, 2020, on RatingsDirect).

Given the elevated health and safety risks associated with traveling, regional tourism will remain under pressure. We also expect sharp declines in intra-region business travel for several quarters.

In our view, among regional economies Dubai will be particularly hard hit. Dubai International Airport is one of the busiest in the world, and aviation and its subsectors are key employers in the emirate, which reportedly received over 16.7 million tourists last year.

Global travel restrictions, including suspension of most international passenger flights and social-distancing constraints, will significantly weigh on Dubai's tourism and hospitality sectors. Moreover, the emirate's hosting of the 2020 World Expo, which was expected to boost the economy, has been postponed to 2021. Average daily room rates were already steadily declining over the past few years due to oversupply of hotels, despite increasing tourist arrivals. Tightened travel restrictions have caused many hotels to close temporarily and we think some could shutter for six-to-12 months until tourism prospects improve. As a result, we forecast a substantial decline in hotel occupancy levels and average daily rates this year and weak prospects in 2021.

Similarly, Saudi Arabia is expected to see a significant decline in visitors this year for Islamic pilgrimage Hajj, which is an important source of tourism. Authorities have announced that the Hajj pilgrimage will still take place in 2020, but with very limited numbers. This will negatively affect occupancy rates for Saudi hotels.

An Additional Drag On Dubai's Oversupplied Real Estate Market

The global spread of COVID-19 and sharp oil price declines have cast a shadow on the already weak Dubai real estate sector. As a result, we anticipate significant weakening in rated real estate companies' credit ratios this year due to lingering oversupply and softer demand, with only a slow recovery in 2021. As a consequence, we lowered the ratings on Emaar Properties PJSC (BB+/Negative/--) and Emaar Malls PJSC (BB+/Negative/--) this month, while the rating on Damac Real Estate Development Ltd. (Damac) was lowered to 'B/Negative/--' in March. Given our forecast of very weak first-half 2020 performance and limited recovery in the second half, we expect that property developers will see lower pre-sales, increased pressure for discounts or other incentives, and possibly slower cash collections. This will be accompanied by backlog contractions, continued pricing pressure, and soft demand, in particular from international buyers that account for more than a half of sales. As a result, developers are likely to focus on cost-reduction measures, capex deferrals, and completing and selling existing inventory, which will allow them to cash in large post-handover payments (sometimes up to 60% of the total unit price). According to real estate consultancy Asteco's second-quarter 2020 UAE report, average residential prices declined by 11%-12% compared with the same period last year. Considering notable oversupply prior to the pandemic, we expect a steeper drop in the second half despite the easing of lockdown measures, and believe price declines will linger well into 2021.

We also forecast material revenue and EBITDA weakening for mall operators. In our view, the mandatory lockdown that lasted for about a month, as well as rent-relief measures provided to tenants--be it through rent-free periods, discounts, rent deferrals, or other fees reductions--will materially affect mall owners in Dubai. The decline in tourists and social-distancing measures have strained Dubai's retail sector, with footfall remaining well below last year and low consumer confidence affecting discretionary spending. We think that mall operators will continue to provide relief to tenants if the retail sector does not pick up. Some improvement in footfall could come with the reopening of Dubai to tourists on July 7, 2020--although we expect it will take several quarters for international shoppers and tourist numbers to normalize. Despite this, our rating on Majid Al Futtaim Holding LLC (MAF; BBB/Stable/A-2) remains unchanged as we expect its credit ratios will decline less than peers'. We expect rental revenue at MAF's Properties unit to decline by 23%-26%, mainly due to pressure on rental rates at renewal, discounts, and lockdown relief measures extended to tenants. However, significant headroom allows the company to maintain financial ratios in line with the current issuer credit rating. MAF benefits from good geographic diversification compared with its peers in the region and strong business diversification in terms of EBITDA; retail sales; and ancillary businesses outside of rental activities such as cinemas, leisure, entertainment, and fashion. In addition, the company's retail business (including the operation of regional Carrefour stores, which generated 30% of the holding's EBITDA) is increasingly moving toward more resilient food and related sales and has been a key contributor to EBITDA in year-to-date 2020 amid the COVID-19 pandemic.

We also think that office landlords will see rental pressure and lower occupancies as tenants continue to rationalize fixed costs and staff. In our view, DIFC Investments Ltd. is well positioned to withstand such pressures, but we recently lowered the rating to 'BB+/Stable/--' since we no longer factor in one notch of uplift for extraordinary government support. This is because we think Dubai's ability to provide such support has weakened.

In our view, liquidity at Dubai's real-estate-linked corporates remains sufficient to meet their short-term obligations. We think that most companies are likely to roll over their short-term bank borrowing to preserve cash balances, with the exception of Damac, which we believe will continue to pay its bank debt in line with its track record and commitment. The company already repaid a substantial share of its short-term bank debt in the first quarter and has remaining short-term debt of about UAE dirham (AED) 33 million in 2020 prior to a large $500 million sukuk maturity in April 2022.

We anticipate a partial recovery in Dubai's real estate sector in 2021, but it may be slow and painful. Keeping in mind that oversupply persists in every segment, we believe a quicker upturn next year would depend on stronger economic growth in Dubai, a rebound in tourist numbers, containment of the pandemic, and positive momentum from the World Expo, which was rescheduled to October 2021.

Twin Crises Are Weighing On Regional Oil And Gas Players

Expectations of a global macro-recessionary environment and the implications of stay-at-home orders and limited movement have translated into a demand shock for the sector this year, especially from the transportation and aviation industries. As these restrictions are eased, we expect to see some signs of recovery in consumption toward year-end 2020. In our view, supply will follow agreed cuts under the OPEC+ agreement, while oil and gas players will generally be more cost cautious regarding spending amid subdued oil prices. Capex cuts have already been announced by national oil companies, with Saudi Aramco's (unrated) 20%-30% downward revision to its 2020 guidance, in addition to cost-control measures by Abu Dhabi National Oil Co. (unrated) and Qatar Petroleum (AA-/Stable/--). We expect GCC national oil companies to benefit from their cost advantage compared with global peers in the low oil price environment.

In our view, these aggressive cost-cutting measures translate into another challenging year for oilfield services companies and drillers, such as Shelf Drilling Holdings Ltd. (CCC+/Stable/--) and ADES International Holdings PLC (B+/Negative/--). Even in oil-rich regions such as the GCC, we expect more cost and capital discipline from producers, so even where work isn't delayed or cancelled, day rates and prices may be stressed. Contract amendments, suspensions, and cancellations have already started, even in low-cost oil producing countries.

We expect volatile and low oil prices will negatively affect GCC petrochemicals producers' contribution margins, since petrochemical prices largely follow oil price trends. In particular, we forecast low oil prices will hit the oil to gas feedstock ratio, which at high oil prices benefits Middle East producers that largely rely on gas as a feedstock. Subsequently, we have revised downward our revenue and EBITDA forecasts for our rated issuers--Saudi Basic Industries Corp. (SABIC; A-/Stable/A-2), and EQUATE Petrochemical Co K.S.C.C. (Equate; BBB/Negative/A-2). We expect regional players' 2020 profit margins to be negatively affected, but this will be somewhat mitigated by cost-reduction measures. Following our base-case forecast of oil price recovery to $50 per barrel in 2021 (from $30 on average for the rest of 2020), we then expect metrics to rebound. On March 23, 2020, we downgraded Equate to reflect our forecast that ethylene glycol prices will remain materially lower than we previously expected for at least the rest of 2020, which would pressure the company's profitability and weaken credit metrics.

We expect GCC national oil companies' credit quality will be broadly aligned with their respective sovereigns, due to government involvement in their strategies and fiscal regimes, as well as their importance to overall government revenue. In some cases, like SABIC, the rating is capped by the sovereign, since we do not rate companies with a very strong link to the government higher than the government itself (see "Credit FAQ: When GREs Raise Debt, What Are The Implications For Sovereign Ratings?," published Nov. 19, 2018). Saudi Aramco's acquisition of a 70% stake did not have an immediate effect on our ratings or outlook on SABIC. We see the deal as a strategic move by Saudi Aramco to expand its downstream operations, help add value to the crude oil it produces, and expand its petrochemicals business, where demand is increasing faster than for crude. Although not anticipated at this stage, an aggressive financial policy by Aramco, which would significantly increase leverage, could lead to a negative rating action on SABIC. However, we note that SABIC has significant headroom since the stand-alone credit profile (SACP) is 'a+', which is currently two notches above the long term issuer credit rating (see "Saudi Basic Industries Corp.," published June 22, 2020). Regional oil producing sovereigns--particularly Abu Dhabi, Kuwait, Qatar, and Oman--have announced massive investments in developing their downstream segments in recent years. In the context of low oil prices, we think these projects will likely be delayed. However, they remain critical for future economic diversification in these countries, allowing them to extract higher value from crude oil, create employment opportunities, and thereby meet social objectives.

Dialing Down, But Telecom Balance Sheets Remain Strong

We anticipate social distancing and lockdowns resulting from COVID-19 will soften 2020 performance for regional telecom players. But GCC operators' solid balance sheets, with adjusted debt to EBITDA below 1.5x on average, can absorb this hit. We expect weaker forecasts (namely topline declines in the low single digits) for 2020, on the back of a weaker macroeconomic picture in key markets related to COVID-19, oil price declines, and pressure on higher-value segments (roaming). In addition, we see increasing competition (mobile penetration exceeding 200% in most domestic markets) and currency fluctuations for some operators with an international footprint. Even so, we continue to expect S&P Global Ratings-adjusted margins for rated telecom players will remain at 38%-40% on average over the next two-to-three years, since they benefit from dominant positions in domestic markets, especially in high-value segments such as post-paid and corporates.

We believe there is a likelihood that COVID-19-related mobility restrictions and associated uncertainties could delay capex plans well into 2021, as operators focus more on network maintenance than expansion. Even so, we conservatively forecast high capex requirements for operators in our existing base case, since increased data demand resulting from working from home and limited mobility could increase traffic and the need for investment. Despite these continued high capex expectations, with a capex to sales ratio of 17%-20%, we expect leverage to remain comfortably below 1.5x. Therefore, we expect free operating cash flow (FOCF) to debt will weaken in 2020 but remain close to 50%, before recovering above 60% from 2021. In our forecasts we expect GCC governments to remain in control of the region's telecom operators over the next three-to-five years. This will mean any delay or reduction in capex could boost FOCF, but we see the offsetting potential of higher dividend distributions in the subdued oil environment, which could constrain fiscal budgets.

Despite macroeconomic headwinds and weaker purchasing power, we expect data demand will continue increasing. In addition to supportive regional demographics--high disposable income, a young population, and increased reliance on social media and over-the-top services--we view governments' focus on transformation and information communication technology (ICT)-led initiatives across the GCC as a key driver for network modernization and technology ramp-up. This is notably evident in Saudi Arabia's Vision 2030 and National Transformation Plan, the UAE's hosting of the 2020 World Expo (pushed to 2021) and related smart city initiatives, and Qatar's hosting of the 2022 football World Cup. As a result, we expect GCC telecom operators to be among the early adopters of fifth generation (5G) mobile technology in key markets, with 5G already soft-launched in most GCC countries. We continue to see sufficient headroom on the balance sheet for the 5G deployments and network modernization required for these ICT initiatives.

The challenging macro environment is further reinforcing operators' cost-conscious approach and portfolio rationalization initiatives, while leaving some opportunities for acquisitions, such as:

• Saudi Telecom's interest in acquiring Telecom Egypt's stake in Vodafone Egypt.
• Saudi Telecom's interest in bidding for a mobile license in Ethiopia.
• Emirates Telecommunications Group Company PJSC's (AA-/Stable/A-1+) acquisition of Help AG in Saudi Arabia and the UAE.
• Capex efficiency initiatives such as tower sales or tower-sharing agreements in Saudi Arabia.

Utilities And Infrastructure Players Remain More Resilient

Basic commodities markets (utilities and oil and gas) have been disrupted during the COVID-19 pandemic, resulting in a weakened demand curve. We expect 5%-10% power and water demand rationalization, since some commercial activities haven't returned to normal post lockdown easing and consumers have lower purchasing power and are more cautious around spending, even on necessities. This is despite many countries announcing discounts or a few months of payment exemptions on power bills as a support measure for the masses, with different forms of support given by Dubai, Saudi Arabia, Bahrain, and Qatar on electricity bills. Most issuers passed this stressed period without negative effects as they benefit from strong government support and availability-based schemes, or high coverage ratios.

We revised the outlook on Saudi Electric Co. (SEC; 'A-') to stable from negative in May as the government took a number of additional supportive actions to maintain its financial strength during a period of stress, reinforcing our view of an almost certain likelihood of support from the sovereign. SEC's revenue and net profit is protected from the effects of discounts offered by the government because the losses will be compensated by a similar reduction in operating costs, representing the value of government fees. Moreover, the company received a 2019 dividend waiver for sovereign fund the Public Investment Fund's shares, which will lead to cash flow savings of SAR2.2 billion. In contrast, Oman Electricity Transmission Co.'s (Oman Electric's; BB-/Negative/--) business model is secure against COVID-19-related effects as it has minimal volume risk and a cost-recovery system that allows full pass through of procurement costs. However, liquidity is considered less than adequate due to very high capex needs in the next few years.

The independent power and water producers we rate in the UAE are important utility suppliers in the Abu Dhabi region--EMIRATES SEMBCORP WATER & POWER CO. (A-/Stable/--) and Ruwais Power Co. PJSC (Shuweihat 2) (A-/Stable/--). They benefit from a strong link with the Abu Dhabi government as the latter is a key stakeholder in the integrated water and power plant (IWPP) framework. We expect Abu Dhabi's fiscal and external net asset positions to remain strong over the next two years, although structural economic and institutional weaknesses will likely persist. Cash flow stability within our rated IWPPs is largely secured through their contracted availability-based tariff, which eliminates demand/supply imbalance risk.

Our rated pipeline project Abu Dhabi Crude Oil Pipeline; (AA/Stable/--) enjoys similar cash flow protection guaranteed by its parent. The long term usage agreement, which secures a minimum annual payment, protected the issuer against the oil and gas demand collapse during the initial weeks of the COVID-19 pandemic.

The effects of oil price swings and COVID-19 on worldwide gas demand has slightly affected our rated liquefied natural gas (LNG) production facilities Ras Laffan Liquefied Natural Gas Co. Ltd. (II) (A/Stable/--) and Ras Laffan Liquefied Natural Gas Co. Ltd. (3) (A/Stable/--) in the short term. We anticipate a recovery in oil and gas demand through second-half 2020 and into 2021 as the most severe effects from the COVID-19 pandemic moderate. With strong consolidated cash flows to service debt and coverage ratios above 4x under current LNG prices, our outlook on the issuers remains stable.

Corporates Have Successfully Managed Liquidity During The Pandemic

Rated GCC corporate and infrastructure players generally operate with adequate liquidity cushions. As soon as the possibility of a lockdown became a reality, a number of corporates fully drew their available revolving credit facilities to hold onto cash and manage uncertainty around the pandemic and business continuity.

As a result, 42% of our liquidity assessments are strong and 48% are adequate (or neutral for project finance), despite the weak operating environment. Liquidity is a weakness for only three entities we rate--Ezdan Holding Group Q.S.C. (B-/Watch Neg/--), Oman Electric, and Kiwi VFS SUB I S.ar.l (B/Negative/--).

Although credit is less available than before, GCC banks are still able to support blue-chip names with comfortable pricing terms and maturities and roll over the debt if necessary. Similarly, for highly rated GREs we expect the bond markets to remain very supportive. For example, Mamoura Diversified Global Holding PJSC (AA/Stable/A-1+), an investment vehicle of the Abu Dhabi government, raised $4 billion via the capital markets this year. In 2019, a number of rated entities such as Kuwait Projects Co. (Holding) K.S.C. (BB+/Negative/B), MAF Holding, and Emaar Properties tapped the debt capital markets, raising funding at historically low rates and sometimes at longer terms than the average five-year maturities very prevalent for corporates. Equate also issued $1 billion of five-year notes and $600 million of 10-year bonds in May 2020.

Looking at year-end 2019 financial statements, we estimate that the 29 corporate issuers we rate (excluding our infrastructure ratings) had gross cash balances of more than 2.0x the financial obligations they needed to service in 2020.

Chart 1

Rating Actions To Date In 2020

We currently rate 34 corporate and infrastructure entities in the GCC region. As chart 2 shows, 50% of our rated issuers are investment grade ('BBB-' and above) and the portfolio exhibits sector concentrations. Notably, 19 GREs represent over 55% of our coverage, with ratings that tend to closely follow the credit trends of their associated sovereigns.

Chart 2

Chart 3

We have taken rating actions on 16 issuers since the start of the year. Excluding our rating action on SEC (see "Utility Company Saudi Electric Outlook Revised To Stable From Negative On Supportive Government Action; Ratings Affirmed, published May 28, 2020), these were all negative, including downgrades, outlook revisions, or CreditWatch placements (see table 3).

We also took multiple rating actions on NMC Health PLC (currently unrated) due to governance deficiencies and the discovery of misconduct by shareholders. Subsequently the company missed interest payments on its loans, lenders started court proceedings, and an administrator was appointed, which trigged the downgrade to 'D' (default).

A large number of our rating actions were concentrated on two key sectors--real estate and oil and gas--but others included:

• Borets International Ltd. (capital goods; BB-/Negative/--). The outlook was revised to negative since we expect weaker performance in 2020, given the very weak oil markets and Russian ruble, as well as uncertainty regarding the potential recovery in 2021--especially as Russia and OPEC plan to maintain production cuts until April 2022. We therefore anticipate revenue will decline 10%-15%, with funds from operations to debt below 20%, which we see as commensurate with the current rating.
• GEMS MENASA (Cayman) Limited (education; B/Negative/--). The outlook was revised to negative because we expect the COVID-19 pandemic will strain revenue and EBITDA in the next 12 months due to prolonged school closures, risk of delays or nonpayment of fees by parents, and lower new enrollments.
• Kiwi VFS SUB I S.ar.l (business and consumer services; B/Negative/--). We downgraded the company to 'B' from 'B+' as it is directly affected by an immediate and potentially prolonged decline in demand for visa application services due to the COVID-19 pandemic. There are significant downside risks to its cash flows and liquidity in the event of prolonged travel suspensions, and we expect the group's financial risk to remain elevated for the next two years.
• Bahrain Mumtalakat Holding Co. and Bahrain Telecommunications Co. (GREs; both B+/Stable/B). We revised the outlooks to stable from positive following our outlook revision on Bahrain.
• Oman Electric (utilities; BB-/Negative/--). We downgraded the company on the back of our downgrade of Oman.
• Kuwait Projects Co. (Holding) K.S.C. (investment holding company; BB+/Negative/B). We lowered our ratings on KIPCO on the back of continued deterioration in the company's LTV ratio, while we kept the outlook as negative.

Chart 4

Chart 5

As mentioned, currently about 65% of our corporate and infrastructure ratings have a stable outlook, while this ratio is only 33% when we exclude rated GREs.

Chart 6

Chart 7

Table 3

Table 4

Related Research

• Three Dubai-Based Real Estate Companies Downgraded On Increased Economic Pressures Stemming From Spread Of COVID-19, July 9, 2020
• Oil Pump Producer Borets International Outlook Revised To Negative On Weaker Growth Prospects; 'BB-' Ratings Affirmed, April 28, 2020
• Kuwait Projects Co. (Holding) Downgraded To 'BB+/B' And 'gcA'; Outlook Negative, April 21, 2020
• UAE Based School Operator GEMS Menasa Outlook Revised To Negative From Stable Due To COVID-19 Uncertainty, April 2, 2020
• Severe Downturn Prompts Rating Actions Across The European Oil And Gas Value Chain, March 31, 2020
• Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty, March 26, 2020
• S&P Global Ratings Cuts WTI And Brent Crude Oil Price Assumptions Amid Continued Near-Term Pressure, March 20, 2020