#Qatar Lifted by Moody’s to Match France, #UAE and Overtake UK - Bloomberg

Qatar Lifted by Moody’s to Match France, UAE and Overtake UK - Bloomberg

Qatar’s already high credit rating was upgraded by Moody’s Investors Service for the first time since 2007, as strong global demand for liquefied natural gas boosts the Gulf state’s long-term prospects.

Moody’s lifted Qatar one level to Aa2, its third-highest investment grade, according to a statement late Thursday. It’s now on par with France, South Korea and the United Arab Emirates, and a level above the UK.

The rating company also changed Qatar’s outlook from positive to stable, meaning another upgrade is unlikely in the short term. Qatar’s rated the same level by S&P Global Ratings and one step below by Fitch Ratings.

“The upgrade reflects Moody’s view that the significant improvement in Qatar’s fiscal metrics, achieved during 2021-2023, will be sustained in the medium term,” Moody’s analysts including David Rogovic wrote. “The government will continue to maintain fiscal prudence, including by continuing to wind down its infrastructure spending program.”