Prudent fiscal policy Substantial external liquidity Strong economic prospects and high per capita income Relatively high public sector external debt Still-developing political and financial 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 development of domestic political institutions. The ratings remain constrained primarily by the geopolitical risks facing sovereigns in the Gulf region, which are higher than for other 'AA' rated sovereigns. The ratings on Qatar are supported by budget surpluses and
