Fitch Ratings, the global credit rating agency, raised the long-term rating of the State of Qatar from stable to positive, affirming its credit rating at (AA-).
The rating agency indicated, in a report, that the revision of the rating to positive from stable reflects its expectations that debt to GDP will remain in line with or less than the average outlook “AA”, and that the expansion of the North Field will increase the country’s additional export capacity of liquefied natural gas. .
Fitch’s report indicated that Qatar’s rating at (AA-) is supported by a number of key elements, including large net foreign sovereign assets, Qatar is one of the highest per capita incomes, in addition to a flexible public financial structure.
Fitch also expected that the general budget surplus of the State of Qatar would reach about 10 percent of GDP in 2023, compared to 13 percent in 2022.
The report confirmed that the Qatar Central Bank’s measures contributed to reducing banks’ dependence on foreign financing from $197 billion in 2021 to $186 billion in 2022.
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