Ratings uplift: Fitch Ratings reaffirmed its AA- sovereign credit rating but upgraded its outlook from stable to positive on 28 March, citing Qatar's strong external balance sheet, low debt/gross domestic product ratio and high fiscal surplus. Fitch said the additional liquefied natural gas (LNG) export capacity due online from the North Field’s expansion would help to reduce an already low fiscal break-even hydrocarbon price.
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GSN risk grades are intended to provide a broad guide to political and economic stability.
Political risk
Rated according to six grades, from A (most stable) to F (failed state).
Economic and financial risk
Graded from 1 (wealthiest/most sound financials) to 6 (bankrupt).
The grades are intended only to offer an immediate gauge of where risk stands in the regional pecking order. An A or 1 grade does not mean the polity is devoid of risk.
To provide a degree of nuance, risk grades also use trends arrows which go upwards (↑) or downwards (↓) to denote cases where momentum is positive or negative.
The grades do not change regularly: upgrades and downgrades are intended to reflect long-term trends or the impact of an exceptionally changed situation.
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