State of Qatar 'AA-/A-1+' Ratings Affirmed On Resilience Amid Global Turmoil; Outlook Stable

PARIS (Standard & Poor's) June 16, 2009--Standard & Poor's Ratings Services said today that it has affirmed its 'AA-/A-1+' long- and short-term foreign and local currency sovereign credit ratings on the State of Qatar. The outlook is stable.

"The ratings on Qatar are supported by the government's solid fiscal and external balance sheets, a prosperous economy with strong growth prospects, and prudent long-term policies," said Standard & Poor's credit analyst Veronique Paillat-Chayrigues. The ratings are constrained by still-nascent public institutions, limited transparency with respect to government assets, and geopolitical risks that face all sovereigns in the region.

"The stable outlook balances Qatar's strong financial position and prudent policies against high regional geopolitical risks and developing institutions," said Ms. Paillat-Chayrigues.