(Reuters) – S&P Global Ratings on Friday affirmed Qatar’s rating at “AA-“, saying it believes the Arab country’s government and external balance sheets will be able to provide sufficient buffers to withstand shocks.
The agency said it expects a timely policy response from Qatar’s government to shore up its liquidity, given continued challenges in the international capital markets.
Qatar sold $10 billion in bonds in April, the first Gulf state to raise cash in the debt markets against a backdrop of low oil prices and market uncertainty caused by the coronavirus pandemic.
“Despite a sharp economic contraction and low hydrocarbon prices, we don’t expect the government’s fiscal and external stock positions will materially deteriorate beyond our expectations,” the ratings agency said in a statement. bit.ly/2A9qnPL
Income levels in Qatar remain among the highest of rated sovereigns, supporting its strong credit profile, S&P added.
S&P maintained Qatar’s outlook at “stable”.