LONDON (Standard&Poor's) June 21, 2004--Standard&Poor's Ratings Services said today it revised its outlook on the State of Qatar to positive from stable. At the same time, Standard&Poor's affirmed its 'A+' long-term and 'A-1' short-term sovereign credit ratings on Qatar. These actions primarily reflect the country's very strong economic prospects--driven largely by the gas industry--combined with continuous prudence in fiscal policy and the ongoing improvement in domestic political institutions. "The outlook revision reflects Standard&Poor's expectation that Qatar's prudent fiscal policy will continue," said Standard&Poor's credit analyst Luc Marchand. "The State's budget for 2004-2005 assumes an average oil price of $19.0 per barrel and targets a deficit of about 2.5% of GDP.
