Moody's downgrades Qatar's credit rating to negative

Posted July 07, 2017

Egypt's foreign minister, Sameh Shukri, told reporters Qatar's response to the Arab states' 13-point list of demands was "negative on the whole".

Qatar, the world's biggest exporter of liquefied natural gas, hosts some 10,000 American troops at its sprawling al-Udeid Air Base.

Trying to find reasons behind Qatar's royal family's support to terrorism, an article published in the New Republic explained that it is just a continuation of a bad decision made by former Qatari ruler and the incumbent emir's father, Sheikh Hamad bin Khalifa Al Thani, and his foreign minister and prime minister, Sheikh Hamad bin Jassim bin Jaber al Thani.

Qatar, a small peninsular country protruding into the Gulf, also hosts the biggest USA military base in the region as a bulwark against Iran.

"The boycott will remain", Saudi Foreign Minister Adel al-Jubeir said. Leaders of the four countries met in Cairo and saidthey will continue working to isolate Doha.

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The deadline ran out Tuesday, and the countries said Wednesday that they will respond in a "timely manner".

The contents of the response have not been disclosed, but Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani said the list of demands "is unrealistic and is not actionable".

Shoukry said Qatar's "supporting radical organizations" helped to "reinforce" a wider network of extremism responsible for violence against minorities in Egypt and terrorism in Europe.

The announcement was made at a time when Saudi Arabia, Bahrain, the United Arab Emirates and Egypt were about to assess Qatar's response to their demands for a change in policy.

"The fact that these four countries couldn't even decide when they're going to have their next meeting in Bahrain suggests that there is not yet consensus over where they'd like to go next", he said.

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Last week, Emirati ambassador to Russian Federation told The Guardian that if Qatar does not comply with the list, the bloc could move ahead with further sanctions including calling trading partners to choose between the bloc and the tiny emirate.

The demands to Qatar including shutting down the Al Jazeera broadcaster and scaling down ties with Iran.

The credit ratings agency Moody's warned early Wednesday that it had set Qatar's economic outlook to negative over the crisis.

"Reading between the lines, the blockading countries [are] demanding that we have to surrender our sovereignty to end the siege, something which..."

On Wednesday, the White House released a statement saying that during his phone call with the Egyptian president, "President Trump called on all parties to negotiate constructively to resolve the dispute, and he reiterated the need for all countries to follow through on their commitments at the Riyadh Summit to stop terrorist financing and discredit extremist ideology". He said Kuwait's mediation, backed by the United States, had already achieved a lot.

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Four Arab nations have voiced "regret" over Doha's "negative reply" to their demands, according to a joint statement.