Qatar – Sovereign Ratings Affirmed with a Stable Outlook

21 July 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and LT Local Currency Rating (LT LCR) of Qatar at ‘AA’. At the same time, CI Ratings has affirmed the sovereign’s Short-Term (ST) FCR and ST LCR at ‘A1+’. The Outlook on the ratings remains Stable.

Rating Rationale

The ratings reflect Qatar’s strong fiscal and external buffers, which provide the country with the capacity to cope with external shocks and have enabled the authorities to absorb the financial impact of the severe disruption to hydrocarbon production and exports since late February 2026. The ratings continue to be supported by the country’s comfortable net external creditor position – which benefits from the very large portfolio of foreign assets held by the Qatar Investment Authority (QIA) – substantial hydrocarbon reserves and very low-cost upstream production base, as well as very high GDP per capita…