On July 15, 2003, Standard&Poor's Ratings Services raised its long-term foreign currency sovereign credit and senior unsecured debt ratings on the State of Qatar to 'A+' from 'A-', and its long-term local currency sovereign credit rating on Qatar to 'A+' from 'A'. The outlook is stable. Standard&Poor's also affirmed its 'A-1' short-term local and foreign currency sovereign credit ratings on the State. At the same time, Standard&Poor's also raised its long-term foreign currency issuer credit rating on Qatar Petroleum to 'A+' from 'A-', in line with that on the sovereign, its sole shareholder. The outlook is stable. The upgrade primarily reflects ambitious political reforms, strong expected GDP growth, continued fiscal prudence and a decrease
