Qatar's credit strengths include its wealthy economy and large net external asset position, underpinned by large gas reserves and a leading position in the global liquified natural gas (LNG) market. At the same time, the country remains vulnerable to geopolitical tensions in the Middle East. Despite high geopolitical risks, Qatar's economy is able to adapt to stress situations thanks to a large stock of public sector external assets. The country's LNG production is set to rise significantly once the North Field Expansion (NFE) project comes online, which we expect in 2026-2027. Therefore, we affirmed our 'AA/A-1+' long- and short-term foreign and local currency ratings on Qatar. The outlook is stable. On Oct. 31, 2025, S&P Global Ratings affirmed its 'AA/A-1+'
