We expect the Qatari government to remain in a strong net asset position, which in our view balances the concentration risk related to the economy's reliance on the oil and gas sector. At the same time, we expect Qatar's narrow net external position to remain broadly in balance over our forecast period to 2015, despite the significant increase in banking sector external funding. We are affirming our 'AA/A-1+' sovereign credit ratings on the State of Qatar. The stable outlook balances our view of Qatar's high economic wealth and strong fiscal position against its institutional shortcomings, limited monetary flexibility, and its banks' increasing dependence on external financing. On July 25, 2012, Standard&Poor's Ratings Services affirmed its long- and short-term
