Moody’s - Brexit to negligible impact on GCC sovereigns

Ratings agency Moody’s was on the wires stating the Brexit vote will have a negligible impact on 'Gulf Cooperation Council' (GCC) nations.

Key points

UK investment in the GC is unlikely to slow

Unlikely that a loss in value of some existing GCC investment in UK will materially weaken GCC governments' net asset position

Banking sector retrenchment presents moderate risks, with UAE and Qatar vulnerable in the event of a retrenchment of UK banks from the region