Mubasher: Ooredoo on Thursday announced that Standard & Poor's Financial Services (S&P) has affirmed its issuer credit rating at “A-/A-2”, changing its outlook to stable from negative.

The move comes due to the revision of Qatar’s outlook to stable, according to a filing to the Qatar Stock Exchange (QSE).

In December, the global rating agency changed Qatar’s rating to stable due to its macroeconomic resilience, and the affirmation of Qatar’s “AA-/A-1+” sovereign ratings.

The telecom company posted a 29.9% year-on-year profit drop to QAR 1.09 billion during the first nine months of 2018.

By 11:18 am Qatar time, Ooredoo’s stock inched up 0.01% at QAR 78.87.