State of Qatar's Proposed Eurobonds Assigned 'AA' Ratings

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

...DUBAI (S&P Global Ratings) May 23, 2016--S&P Global Ratings said today that it has assigned its '##' long-term issue ratings to the proposed Eurobonds to be issued by the State of Qatar (##/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 assets. RELATED CRITERIA AND RESEARCH Related Criteria Criteria - Governments - Sovereigns: Sovereign Rating Methodology - December 23, + 2014 General Criteria: Methodology For Linking Short-Term And Long-Term Ratings For + Corporate, Insurance, And Sovereign Issuers - May 07,...

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