Sustainable fiscal policy. Substantial external liquidity. Strong economic prospects and high per capita income. Relatively high public sector external debt. Developing political and economic institutions. The ratings on the State of Qatar primarily reflect the country's very strong economic prospects--driven largely by the gas industry--combined with continuous prudence in fiscal policy and the ongoing improvement in domestic political institutions. Standard&Poor's expects Qatar's strong fiscal performance to continue. Assuming an average Brent crude price of about $52 per barrel, a fiscal surplus of about 17% of GDP is projected in 2005-2006. General government debt is expected to continue to decline to 26% of GDP at fiscal year-end 2005-2006 (March 31, 2006). Taking into account the government's deposits would reduce
