Global agencies underline Qatar’s attractive credit rating

Global agencies underline Qatar’s attractive credit rating

QLNews
By QLNews

With access to abundant resources and robust policies in place to manage it effectively for present and future generations, Qatar’s economy has always been strong and resilient. Multiple international agencies, over the years, have acknowledged the same.

Standard and Poor’s (S&P Global) and Moody’s have confirmed that Qatar’s credit rating stands at AA with a positive outlook, thanks to the country’s Gross Domestic Product (GDP), high GDP per capita, huge hydrocarbon reserves, high net asset value and efficient monetary and fiscal policies.

The observation was made during the international credit rating agencies conference in Doha, jointly organised by the Qatar Association of Certified Public Accountants (QCPA), the Global Compliance Institute (GCI), S&P Global and Moody’s, on Monday.

QCPA Board Deputy Chairman Abdullah Al Mansoori hailed Qatar’s exceptional economic performance in 2022, given the country’s successful hosting of the FIFA World Cup.

“The World Bank Group’s latest report has set an optimistic outlook for the Qatari economy, expecting about a 3.4 per cent growth. It estimated that the country’s economy achieved a four percent growth in 2022, compared to initial estimates that put the growth at 3.2 per cent,” he said.

“After the World Cup’s conclusion, Qatar’s 2023 budget was unveiled with no less than a QR29bn surplus, despite adopting a conservative price for a barrel of oil at $65 at a time when the price of a barrel exceeds $80. This was a result of the remarkable recovery in global energy prices. It confirmed the strength and durability of Qatari economy and its ability to withstand fluctuations and uncertainty in the global economy,” Al Mansorri said.

“The solidity of Qatar’s economy was confirmed by international rating agencies, with S&P Global elevating the 2022 credit rate from -AA to AA, and Moody’s rating upgraded from stable to positive. Fitch and Capital Intelligence agencies rated Qatar at AA, with a stable outlook. All these reflect the country’s strong creditworthiness,” he added.

Al Mansoori opined that the country’s strong ratings, based on several factors, would help increase Qatar’s attractiveness to foreign investors.

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