Strong general government balance sheet Substantial external liquidity Good economic prospects and high per capita income Evolving political and financial institutions Some geopolitical risks that could temporarily impair oil and gas production and deliveries The ratings on Qatar are supported primarily by strong fiscal surpluses, substantial external liquidity, healthy economic prospects driven largely by the gas industry, and high per capita income. The ratings remain constrained by the geopolitical risks facing sovereigns in the Gulf region, and capacity and institutional constraints which are higher than for other 'AA' rated sovereigns. We expect Qatar's strong fiscal performance to continue, and project a general government surplus of 7.6% of GDP in fiscal year 2008-09 (ending March 31, 2009) against an expected surplus
