Qatar’s Sovereign Ratings Affirmed with a Stable Outlook

Ref: QA21CRA00-02 2 3 J uly 20 2 1

Qatar’s Sovereign Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) of Qatar at ‘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 ratings are supported by substantial government assets under the management of the sovereign wealth fund, the Qatar Investment Authority (QIA), very large hydrocarbon reserves, a high degree of expenditure flexibility, and low domestic political risk. The ratings are constrained by the government’s large contingent liabilities, the economy’s limited diversification, and substantial geopolitical risks.

CI regards Qatar’s external…