National Scale Issuer Ratings of Gulf Warehousing Company Affirmed

30 March 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term Issuer ratings) on the Qatar National Scale assigned to Gulf Warehousing Company (or GWC) of ‘qaA-’ and ‘qaA2’, respectively. The Outlook on the ratings is Stable.

The current armed conflict between Iran, and the US and Israel, has impacted neighbouring states, including Qatar. While there have been short-term negative effects on the Qatari economy, and on LNG export volumes in particular, due to both physical damage and the effective closure of the Straits of Hormuz, the period to date at the time of writing has been short, and we view Qatar as being economically resilient, given its financial reserves and small size demographically. As a logistics company, GWC has been immediately affected by the cessation of air traffic and by (more recently) the cessation of traffic through the Straits of Hormuz. This situation is, therefore, currently seen…