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 Some geopolitical risks that could temporarily impair oil and gas production and deliveries The ratings on the State of Qatar are supported by prudent and sustainable fiscal policy that results in strong budgetary outturns, by substantial external liquidity, by healthy economic prospects driven largely by the gas industry, by high per capita income, and by the ongoing improvement in domestic political institutions. The ratings remain constrained primarily by the geopolitical risks facing sovereigns in the Gulf region, which are higher than for other 'A' rated sovereigns. Standard&Poor's Ratings Services expects Qatar's strong fiscal
