Doha, Qatar – The credit rating agency, Standard & Poor’s, have raised Qatar’s credit rating to AA with a stable outlook.
The agency expects that Qatar would achieve large budget surpluses and sustainably reduce debt servicing costs due to the government’s successful strategy to pay off debts that are due.
The positive rating, the agency said, is supported by the combined positive impact of increasing the production capacity of liquefied natural gas facilities, strong growth in the non-oil sector, continued economic diversification within the framework of Qatar National Vision 2030, a strong position in net assets, and the proven flexibility of the country’s policy.
This upgrade by Standard & Poor’s comes in conjunction with Moody’s amendment of its expectations for Qatar from “stable” to “positive”, which makes country one of the highest-rated countries in the GCC region.