Moody’s upgrades Qatar’s credit rating to AA2
10/02/24
Qatar`s credit rating has been upgraded to AA2 by Moody’s, who also revised the States outlook to stable based on Qatar’s positive financial metrics from 2021 to 2023.
Additionally, the trusted investors service also upgraded Qatar’s long term debt ratings in local and foreign currencies to Aa2 from Aa3. It also raised Qatar’s foreign currency medium term note programme rating to (P)Aa2 from (P)Aa3, with a stable outlook.
In further encouraging news, a report released by Moodys notes the significant improvement in Qatar’s debt burden and servicing metrics is expected to continue and likely improve in the medium term. Moreover, the credit rating upgrade also takes into consideration the substantial increase in Qatar’s liquid natural gas production, the governments reduction in infrastructure spending as well as government revenue and exports.
The raising of Qatar`s local and foreign currency ceilings to Aaa is reflective of effective policymaking and the government’s footprint in the economy. It also takes into consideration the States moderate political risk that is set against heavy reliance on a single revenue source. Additionally Moodys opinion is that Qatar’s significant sovereign wealth fund assets could also be used to support the balance of payments if needed along with Qatar Central Banks robust foreign exchange reserves.
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