Fitch Affirming Qatar's Credit Rating at "AA" Reflects its Financial Position - Minister

Doha, August 29 (QNA) - Fitch Ratings has affirmed Qatars long-term foreign currency sovereign rating at "AA", the third highest on the rating scale, with a stable outlook. This means that Qatar is among a select group of countries considered to be extremely creditworthy. Earlier this year, both Moody's and Standard & Poor's affirmed Qatar's rating and its stable outlook. Fitchs rating report notes that Qatars strengths include a strong external position, a healthy banking sector and budget surpluses that are well above those of similarly rated countries. Fitch notes that Qatar is "implementing measures to maintain fiscal sustainability" and can "rely on large fiscal and external buffers" in adjusting to the new energy price environment. The report also highlighted the improvements in the budget process, debt management policies and the review of capital projects, that was carried out by the Public Investment Management unit at the Ministry of Finance. HE the Minister of Finance, Ali Shareef Al-Emadi, welcomed the publication of the report and said: "The fact that Qatar remains highly rated by Fitch and other rating agencies is a testimony to the strength of its economy, its financial position and the prudent policies adopted by the government." The affirmation of Qatar's rating is notable at a time when oil exporting countries are witnessing pressure due to the decline in international energy prices. HE the Minister added, "We will continue to move ahead with key development plans in health, education, and major development projects including those related to hosting the World Cup 2022". At the same, HE added, "we will continue to seek further efficiency across the public sector and achieve value for money in the implementation of public sector projects and initiatives."(QNA)