Doha, Qatar: The Capital Intelligence Ratings (CI Ratings or CI), a global credit rating agency recently announced that it has affirmed the Long-Term Foreign Currency Rating (LTFCR) and LT Local Currency Rating (LTLCR) of Qatar at ‘AA’. At the same time, CI Ratings has affirmed the sovereign’s Short-Term (ST) FCR and ST LCR at ‘A1+’. The outlook on the ratings remains stable. 

According to the rating agency, “The ratings reflect Qatar’s very strong external finances and strong public finances, supported by still favourable liquefied natural gas (LNG) prices. The ratings also take into account the country’s capacity to absorb external or financial shocks given the large portfolio of foreign assets held by the Qatar Investment Authority (QIA) and comfortable net external creditor position when including these assets.”

The ratings continue to be supported by substantial hydrocarbon reserves, expanding LNG production and export capacity, and very high GDP per capita, as well as high and increasing official foreign reserves.

“The country’s external finances are very strong. Very large current account surpluses have contributed to very strong international liquidity and – when the external assets of the QIA are included – to a very strong net external creditor position. The current account recorded an estimated surplus of 13.1% of GDP in 2025 (17.3% in 2024) and is projected by CI to register an average surplus of 11.1% of GDP in 2026-27,” it added.

Pointing out the foreign exchange reserves, it noted that the official foreign exchange reserves are high at $72.3bn in December 2025 ($70bn in December 2024), and are expected to cover 2.5 times the short-term external debt on a remaining maturity basis in 2026.

The report further stated that the public finances remain strong. Economic activity remains positive, with real GDP having increased by 2.9% in 2025, compared to 2.4% in 2024. Nominal GDP per capita was extremely high at around $71,000 in 2025 and is well above that of similarly rated peers.

The short- to medium-term growth outlook remains favourable, with the economy expected to post an average real growth of 6.9% in 2026-27, supported by an expected increase in LNG production from Qatar’s largest gas field, as well as robust performance in the services sector.

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