On March 9, 2001, Standard&Poor's raised its long-term foreign currency issuer credit and senior unsecured debt ratings on the State of Qatar to 'BBB+' from 'BBB', and its long-term local currency issuer credit rating on Qatar to 'A-' from 'BBB+'. The outlook was revised to positive from stable. At the same time, Standard&Poor's raised its short-term foreign currency issuer rating to 'A-2' from 'A-3', and affirmed its short-term local currency issuer credit rating at 'A-2'. 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. Despite larger-than-budgeted revenues so far this fiscal year (ending March 31), the government
