We expect Qatar to maintain its strong government net asset position, as fiscal deficits remain relatively moderate. We project the country's huge infrastructure investment program will support growth over 2016-2019. We are affirming our ratings on Qatar at 'AA/A-1+'. The stable outlook reflects our view that Qatar's economy will remain resilient, although we anticipate continued institutional weaknesses and an only moderate increase in hydrocarbon prices over the next two years. On Sept. 2, 2016, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the State of Qatar. The outlook remains stable. Qatar is a wealthy economy. The country holds the third-largest proven natural gas reserves in the world, and is the largest exporter of liquefied
