DUBAI (S&P Global Ratings) May 23, 2016--S&P Global Ratings said today that it has assigned its 'AA' long-term issue ratings to the proposed Eurobonds to be issued by the State of Qatar (AA/Stable/A-1+). We expect the bonds will be issued in two series, of likely five and 10 years' duration. With Qatar's government revenues dipping to an estimated 32% of GDP in 2016 from an average of 42% of GDP over 2010-2014, due to lower hydrocarbon prices, we forecast a government budget deficit of 8% of GDP this year, including our estimates of a corrective fiscal response. This Eurobonds' issuance is consistent with our expectation that Qatar will finance this deficit through debt, rather than by drawing upon its substantial
