We consider that the rapid growth of foreign debt in the Qatari banking system could present balance-of-payment risks if the capital inflows were to reverse sharply, although this is not our base-case scenario. In our view, Qatar's status as one of the largest exporters of liquefied natural gas in the world and our estimate of its substantial fiscal and external buffers mitigate the risks. We are therefore affirming our 'AA-/A-1+' long- and short-term foreign and local currency ratings on Qatar. The outlook is stable. On Nov. 5, 2021, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Qatar. The outlook is stable. The stable outlook reflects our view that Qatar's fiscal and
