The ratings on the State of Qatar reflect Standard&Poor's Ratings Services' view of the government's strong reported fiscal and external balance sheets. They also reflect strong growth prospects spurred by newly completed large liquefied natural gas (LNG) projects. The ratings are constrained by still-nascent public institutions and limited disclosure, particularly with respect to government assets and their returns. Qatar's economy weathered the global downturn well due to favorable terms of trade and to new gas projects coming on stream. We expect Qatar will be among the fastest growing economies in 2011 with real GDP per capita increasing by 15%. New LNG projects have driven this growth; production has increased to 77 million metric tons per year (from 30
