(MENAFN- The Peninsula) QNA
Doha: The credit rating agency, Standard & Poor's, raised Qatar's credit rating to AA with a stable outlook.
The agency expected that Qatar would achieve large budget surpluses and sustainably reduce debt servicing costs, thanks to the government's successful strategy to pay off debts that have come due.
The agency said that this positive rating is supported by the combined positive impact of increasing the production capacity of liquefied natural gas facilities, strong growth in the non-oil sector, continued economic diversification within the framework of Qatar National Vision 2030, a strong position in net assets, and the proven flexibility of the country's policy.
This upgrade by Standard & Poor's comes in conjunction with Moody's amendment on Friday of its expectations for Qatar from 'stable' to 'positive', which makes the State of Qatar one of the highest-rated countries in the GCC region.
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