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Tribune News Network
Doha
Qatar General Electricity and Water Corporation (Kahramaa) maintained its outstanding credit rating of A1 granted by the international rating agency Moody’s, with a stable outlook, and stabilised it at that level for the second year in a row.
Although the agency reduced the classification of a number of companies operating in the electricity and water sectors in the region as a result of the force majeure imposed by the coronavirus pandemic, the Kahramaa Financial team succeeded by the end of 2020 in obtaining a decision to maintain the distinguished classification of the institution.
This evaluation granted by the global agency reflects the strong financial and operational performance for the current and future periods, and came after the end of the annual review, during which Moody’s was provided with the required data and discussed all matters related to it and recommended fixing its classification.
Commenting on the achievement, Kahramaa President Eng Issa bin Hilal Al Kuwari said, “We are proud of this assessment, which reflects the independent creditworthiness of the institution, and translates the success of our plans based on financial sustainability, efficiency of operations and rationalisation of their costs at the same time, and support them with deliberate initiatives to raise financial performance throughout the year.”
Eng Kuwari pointed out that the evaluation doubles the responsibilities and obligations of the corporation, urging the team to continue efforts to record more achievements and to move forward in the process of modernisation and development.
He also called for enhancement of Kahramaa’s ability to meet the growing demand for electricity and water with sustainable quality, being an active partner in the development process and an essential tributary to the growth artery.
According to him, fixing the current classification is due to several reasons, the most important of which are: the solid financial performance of the institution during the previous and current fiscal years, its positive performance indicators, a low risk profile, and high liquidity and profitability ratios.
He congratulated all Kahramaa employees for their efforts to preserve the reputation of the corporation locally and internationally, which contributed to achieving this feat in light of the exceptional circumstances associated with the coronavirus pandemic.
Eng Kuwari also thanked the financial institution team for the financial information and analysis they provided in support of the review procedures and evaluation stages.
The evaluation has a rating scale consisting of nine levels, each level differs according to the quality of the bonds and the associated credit risk, and A1 that Kahramaa attained is the highest in its class, as the obligations with a rating of A are of a medium to high level and are exposed to a low risk degree.
The agency has recently published its assessment of Kahramaa on its website.
Doha
Qatar General Electricity and Water Corporation (Kahramaa) maintained its outstanding credit rating of A1 granted by the international rating agency Moody’s, with a stable outlook, and stabilised it at that level for the second year in a row.
Although the agency reduced the classification of a number of companies operating in the electricity and water sectors in the region as a result of the force majeure imposed by the coronavirus pandemic, the Kahramaa Financial team succeeded by the end of 2020 in obtaining a decision to maintain the distinguished classification of the institution.
This evaluation granted by the global agency reflects the strong financial and operational performance for the current and future periods, and came after the end of the annual review, during which Moody’s was provided with the required data and discussed all matters related to it and recommended fixing its classification.
Commenting on the achievement, Kahramaa President Eng Issa bin Hilal Al Kuwari said, “We are proud of this assessment, which reflects the independent creditworthiness of the institution, and translates the success of our plans based on financial sustainability, efficiency of operations and rationalisation of their costs at the same time, and support them with deliberate initiatives to raise financial performance throughout the year.”
Eng Kuwari pointed out that the evaluation doubles the responsibilities and obligations of the corporation, urging the team to continue efforts to record more achievements and to move forward in the process of modernisation and development.
He also called for enhancement of Kahramaa’s ability to meet the growing demand for electricity and water with sustainable quality, being an active partner in the development process and an essential tributary to the growth artery.
According to him, fixing the current classification is due to several reasons, the most important of which are: the solid financial performance of the institution during the previous and current fiscal years, its positive performance indicators, a low risk profile, and high liquidity and profitability ratios.
He congratulated all Kahramaa employees for their efforts to preserve the reputation of the corporation locally and internationally, which contributed to achieving this feat in light of the exceptional circumstances associated with the coronavirus pandemic.
Eng Kuwari also thanked the financial institution team for the financial information and analysis they provided in support of the review procedures and evaluation stages.
The evaluation has a rating scale consisting of nine levels, each level differs according to the quality of the bonds and the associated credit risk, and A1 that Kahramaa attained is the highest in its class, as the obligations with a rating of A are of a medium to high level and are exposed to a low risk degree.
The agency has recently published its assessment of Kahramaa on its website.
