Singapore, December 06, 2011 -- Moody's Investors Service has today assigned an Aa2 rating to the Qatari government's global bond offering consisting of three tranches: US$2 bond due in January 2017, US$2 bond due in January 2022, US$1 bond due in January 2042.

RATINGS RATIONALE

The Aa2 rating for Qatari government's new global bonds is based on the state of Qatar's Aa2 sovereign issuer rating, given that any direct government obligation whose repayment is handled by the Qatari Ministry of Economy and Finance receives a rating equivalent to that of the government.

Qatar's Aa2 foreign and local currency issuer ratings and foreign currency government ratings are supported by the government's successful management of its considerable hydrocarbon resource endowment, as reflected in very strong government financial and external payments positions. In addition, Qatar's exceptionally high per capita income level -- one of the highest levels in the world at $88,222 in 2010, as estimated by the IMF in purchasing power parity terms -- has helped provide social stability and has insulated the country from the political turmoil seen in a number of Middle Eastern and north African countries in the past year.

Qatar's ratings are constrained by economic, institutional and political factors. Hydrocarbon production is likely to reach a plateau in 2012, and this is likely to lead to an increase over time in the country's vulnerability to potential price shocks in terms of their impact on economic growth, government finances and the balance of payments.

Although the government holds large assets, the precise scale of the country's net international investment position is not known, reflecting limitations in the coverage, quality and timeliness of official statistics. Moreover, Qatar faces geopolitical threats, which Moody's assesses as representing a 'moderate' level of event risk as part of the rating agency's sovereign methodology.

RATING OUTLOOK

Qatar's sovereign ratings have a stable outlook based on the country's fiscal and external current account surpluses, which are likely to remain large over the medium term. Moody's has some concerns about the country's accumulation of external debt within the public sector in recent years, much of which has been due to the development of the liquefied natural gas (LNG) industry. For 2011 as a whole, Moody's estimates that proceeds from LNG production will have comprised around 60% of Qatar's total exports and 20% government revenues, thus benefiting the country's debt-repayment capacity.

WHAT COULD CHANGE THE RATING - UP

Moody's would consider upgrading Qatar's sovereign rating in the event of an abatement in regional political tensions, economic diversification, and a sustained improvement in the quality and transparency of the country's political, administrative and legal institutions.

WHAT COULD CHANGE THE RATING - DOWN

Downward rating pressure could develop as a result of a potential significant deterioration in Qatar's regional or domestic political environment as well as a weakening in the overall state of the country's public finances.

Moody's also maintains the following ratings on Qatar:

Long-Term Country Ceiling for Local and Foreign Currencies Bonds and Bank Deposits ratings of Aa2

Short-Term Country Ceiling for Foreign Currency Bonds and Bank Deposits ratings of P-1

The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

Although these credit ratings have been issued in a non-EU country which has not been recognized as endorsable at this date, the credit ratings are deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 31 January 2012. ESMA may extend the use of credit ratings for regulatory purposes in the European Community for three additional months, until 30 April 2012, if ESMA decides that exceptional circumstances arise that may imply potential market disruption or financial instability. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

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Thomas J. Byrne
Senior Vice President - Regional Credit Officer Sovereign Risk Group Moody's Investors Service Singapore Pte. Ltd.
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Bart Oosterveld
MD - Sovereign Risk
Sovereign Risk Group
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