Qatar – Sovereign Ratings Upgraded; Outlook Stable

Ref: QA2 3 CRA00-0 1 3 February 202 3

Qatar – Sovereign Ratings Upgraded; Outlook Stable

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised the Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) of Qatar to ‘AA’ from ‘A A- ’ . The sovereign’s Short-Term Foreign Currency Rating (ST FC R ) and Short-Term Local Currency Rating (ST LC R ) have been affirmed at ‘A1 + ’. The Outlook for the ratings remains Stable.

Rating Rationale

The upgrade reflects the further improvement in the sovereign’s already strong capacity to fulfil its financial obligations in full and on time , supported by favourable budgetary performance , declining central government debt , and improving fiscal flexibility . The rating action also takes into account the sovereign’s demonstrated resilience t o economic adversities and its capacity to absorb future external or financial…