Qatar's fiscal and balance of payments positions remain strong, underpinned by its large hydrocarbon reserves, leading position in the global liquified natural gas (LNG) market, and substantial assets accumulated in the sovereign wealth fund. Qatar's LNG production is set to rise further once the North Field Expansion (NFE) project comes online, which we expect by 2026-2027. At the same time, most of Qatar's exports pass through the Strait of Hormuz, potentially exposing it to risks in the event of a significant escalation of regional geopolitical stress, which is currently not our base-case scenario. We affirmed our 'AA/A-1+' long- and short-term foreign and local currency ratings on Qatar and maintained the stable outlook. On Nov. 1, 2024, S&P Global Ratings affirmed
