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New credit ratings for Qatar Petroleum

Standard & Poor's Ratings Services has raised its long-term foreign and local currency sovereign credit ratings for the State of Qatar to 'AA-'from A+ based on ongoing reforms and strong financial performance. At the same time, Standard & Poor's also raised its short-term foreign and local currency sovereign credit ratings on Qatar to A-1+ from A-1. The outlook is stable.

 

In addition, Standard & Poor's raised its long-term foreign currency issuer credit rating on Qatar Petroleum to AA- from A+, in line with that on the sovereign, its sole shareholder. The outlook is stable. Standard & Poor's also raised its senior unsecured debt rating on the $700 million notes maturing in October 2010, issued by Qatar Global Sukuk QSC to AA- from A+.

 

In a press conference, Qatars Second Deputy Premier and Minister of Energy and Industry H E Abdullah bin Hamad Al-Attiyah, whos also Chairman of Qatar Petroleum, said he was contented with Standard & Poors decision, stressing that such an achievement was the fruit of the wise leadership of the Emir of Qatar His Highness Sheikh Hamad bin Khalifa Al Thani which supported development planning in the country in all sectors, including the Oil&Gas sector in which Qatar Petroleum plays a key role.

 

The upgrade also reflects the Qatar government's acceleration of reforms and Qatar's strong financial performance, which partially offset geopolitical risks, His Excellency added.

 

The ratings on Qatar are supported by budget surpluses and low government debt, substantial external liquidity, strong economic prospects, and high per capita income. The ratings remain constrained by higher public sector external debt, greater geopolitical risks, and less developed political institutions than exhibited by most other AA rated sovereigns.

 

Standard & Poor's expects Qatar's strong fiscal performance to continue. It projects a fiscal surplus of 10% of GDP in fiscal year 2007/2008 (ending March 31, 2008) against an expected surplus of 12 per cent of GDP in 2006/2007.

 

The general government debt is expected to reach 12 percent of GDP at the end of the fiscal year 2007/2008. Qatar is expected to record a net asset position of about 63 percent of GDP in the fiscal year 2007/2008, compared with a 28 percent net debt position for the AA median.

 

Qatar's public sector debt burden is on a rapid downward trend, falling to less than 46 percent of current account receipts (CARs) in 2006, from 167 percent of CARs as recently as 1997.

 

The ratings on Qatar also benefit from a strong external liquidity position, with current account surpluses of 20 per cent-25 per cent of GDP forecast for 2007-2010. This is driven mainly by increases in export receipts fromliquefied natural gas, which should continue over the next few years thanks to strong foreign direct investment boosting gas production capacity, and also due to continued high oil prices.

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Events of April 2018
  Event Organizer From To
1 First Annual Symposium on Research and Treatment of Hematology Hamad Medical Corporation 2018 / 04 / 06 2018 / 04 / 07
2 Pharmaceutical Safety Forum Hamad Medical Corporation 2018 / 04 / 07 2018 / 04 / 07
3 ** National Library Opening Ceremony ** Qatar Foundation 2018 / 04 / 15 2018 / 04 / 18
4 The Fourteenth Congress of the Gulf Heart Association Hamad Medical Corporation 2018 / 04 / 16 2018 / 04 / 16
5 4th Annual Symposium for Mental Health Service Hamad Medical Corporation 2018 / 04 / 19 2018 / 04 / 19
6 Qatar Procurement and Contracting Conference Qatar Development Bank & Ministry of Finance 2018 / 04 / 23 2018 / 04 / 25
7 2nd Gulf Multidisciplinary Meeting Hamad Medical Corporation 2018 / 04 / 25 2018 / 04 / 26
8 Seventh Research Forum and creative ideas 2018 (Ibn Abbas) in collaboration with the American College of Surgeons - Qatar Branch Hamad Medical Corporation 2018 / 04 / 26 2018 / 04 / 28
9 The 12th Al-Jazeera Forum Al Jazeera Centre for Studies 2018 / 04 / 28 2018 / 04 / 29
10 Closing ceremony "National Entrepreneurship Competition, Idea" QDB 2018 / 04 / 30 2018 / 04 / 30