OVERVIEW We expect that Qatar's fiscal deficits, caused by lower hydrocarbon prices and high infrastructure expenditures, will be financed through debt only. The country's huge infrastructure investment program will support growth over 2016-2019. We expect the country's external position to shift to a deficit from 2016, however, we note that we expect the large net asset position to be maintained. We are therefore affirming our 'AA/A-1+' sovereign credit ratings on Qatar. The stable outlook reflects our view that Qatar's economy will remain resilient, supported by solid macroeconomic fundamentals, although we anticipate continued institutional weaknesses and an only moderate increase in hydrocarbon prices over the next two years. RATING ACTION On March 4, 2016, Standard&Poor's Ratings Services affirmed its
