S&P Ratings upgraded Qatar's long-term sovereign credit rating from "AA-" to "AA" on Friday, citing improvements in the country's fiscal position.
The agency stated in a statement that "Qatar's debt interest costs as a share of government revenue have fallen, and we expect them to remain low because the government is repaying maturing debt."
According to Emir Sheikh Tamim bin Hamad al-Thani, high oil prices have so far resulted in a 47.3 billion Qatari riyal budget surplus.
S&P predicts that increased oil prices would lead to significant fiscal surpluses in 2022–2023.
Qatar, which will host the FIFA World Cup in 2022 this month, is one of the biggest natural gas exporters in the world and has reaped significant rewards from the sharp rise in oil and gas prices.
S&P predicted that the North Field Expansion, which is a component of the largest gas field in the world that Qatar and Iran share, will significantly improve the Qatari government's revenue stream.
S&P kept its "stable" rating for Qatar's outlook.
By fLEXI tEAM