S&P rates Qatar Petroleum bond A+

Standard & Poor's said it assigned its A+ senior unsecured debt rating to Qatar Petroleum's (QP, foreign currency A+/stable) upcoming eurobond maturing in May 2011.

S&P said that the ratings on QP reflect strong implicit and explicit support from its sole shareholder, the State of Qatar (A+/stable/A-1), the company's key role in the government of Qatar's development plans, QP's very strong financial position including substantial profits and high liquidity and its good business prospects.

The ratings continue to be constrained by a relatively high debt burden and the sensitivity of its revenues to oil prices, the agency added.

"One of the principal strategic development targets of the government is to expand the oil, gas and petrochemical sectors that are QP's main areas of production and exports," said S&P credit analyst Luc Marchand.

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