Standard Poor's said Friday, March 9, it had upgraded its sovereign ratings on the State of Qatar and revised the outlook to positive from stable. It also raised the ratings on Qatar Petroleum, the country's national oil company.
SP said the upgrade reflects the "prospect for continued fiscal prudence, which, together with high oil and gas prices, is resulting in further declines in the public external debt burden."
The ratings could be raised again if the government strengthens its political system and institutions, enhances the transparency of its finances, rationalizes its current expenditures and restarts the stalled privatization program, using the proceeds to reduce the country's most expensive debt, SP said.
The long-term foreign currency issuer credit and senior unsecured debt ratings were raised to BBB+ from BBB-. The long-term local currency issuer credit rating was hiked to A- from BBB+. The short-term foreign currency issuer rating was raised to A-2 from A-3, and the short-term local currency issuer credit rating was affirmed at A-2. —(AFP)
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