On March 6, 2007, Standard&Poor's Ratings Services raised its long-term foreign and local currency sovereign credit ratings on the State of Qatar to 'AA-'from 'A+' based on ongoing reforms and strong financial performance. At the same time, Standard&Poor's also raised its short-term foreign and local currency sovereign credit ratings on Qatar to 'A-1+' from 'A-1'. The outlook is stable. In addition, Standard&Poor's raised its long-term foreign currency issuer credit rating on Qatar Petroleum to 'AA-' from 'A+', in line with that on the sovereign, its sole shareholder. The outlook is stable. Standard&Poor's also raised its senior unsecured debt rating on the $700 million notes maturing in October 2010, issued by Qatar Global
