S&P affirms Qatar

Standard & Poor's said it affirmed the State of Qatar's A+ long-term and A-1 short-term sovereign credit ratings and A+ senior unsecured debt rating, Qatar Petroleum's A+ foreign currency issuer credit and senior unsecured debt ratings and Qatar Global Sukuk QSC's A+ $700 million notes due 2010.

The outlook is stable.

S&P said the ratings on Qatar are supported by prudent and sustainable fiscal policy that results in strong budgetary outturns, by substantial external liquidity, by healthy economic prospects driven largely by the gas industry, by high per capita income and by the ongoing improvement in domestic political institutions. General government debt is expected to continue declining to 24.5% of GDP at the end of fiscal 2006/2007.

The ratings remain constrained primarily by the geopolitical risks facing sovereigns in the Gulf region, the agency said.

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