Moody's Investor Service has reduced the A1 rating for Qtel and Qtel International Finance, a wholly owned subsidiary of Qtel, to A2. Moody's has also downgraded the A1 rating for the bonds issued under Qtel's GMTN programme to A2, with a stable outlook. The firm said it expects no material impact from the rating change "as the solid company performance has been acknowledged by the rating agency."