The Qatari authorities continue to effectively use the country's large fiscal and external assets to mitigate the impact of an ongoing Saudi-led boycott. Nevertheless, the boycott is expected to continue for an extended period, with no clear resolution in sight. We are affirming our 'AA-/A-1+' ratings on Qatar. The outlook remains negative. On July 27, 2018, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term foreign and local currency sovereign ratings on Qatar. The outlook is negative. Saudi Arabia, United Arab Emirates (UAE), Bahrain, Egypt, Libya, and Yemen cut diplomatic ties, as well as trade and transport links, with Qatar on June 5, 2017. The negative outlook primarily reflects our view of the geopolitical risks and potential consequences of the
