Strong government balance sheet with minimal debt and large external liquidity. Prosperous economy underpinned by large resource endowment. A track record of long-term and relatively prudent policies. Large reliance of government finances and exports on oil and gas revenues. Still developing political institutions, lacking the accountability and transparency needed for an efficient and flexible economic development and diversification. High geopolitical risks for the 'AA' rating level. The ratings on the State of Qatar reflect Standard&Poor's Ratings Services' view of the government's strengthening fiscal and external balance sheets, combined with strong growth prospects spurred by new, large liquefied natural gas (LNG) projects in 2010-2012. The ratings are constrained by still-nascent public institutions, limited transparency, particularly with respect to government
