S&P upgrades Qatar and Qatar Petroleum to 'AA' | Energy & Oil | Reuters

Rating agency Standard & Poor's on Monday upgraded Qatar's sovereign credit rating and state-controlled Qatar Petroleum to 'AA' from 'AA-', citing the gas-rich Gulf Arab state's strong growth prospects.

The outlook on both ratings is stable.

"In our opinion, Qatar's economy is weathering the global downturn well, with deflationary pressures and financial sector problems contained by the economic policy flexibility generated by new gas projects," S&P credit analyst Luc Marchand said in a statement.