Standard & Poor's credit rating agency announced Friday that it confirmed Qatar's rating of "AA-", saying it would be able to provide sufficient fenders to withstand the shocks.
The agency added that it expects a timely policy response from the government of Qatar to support its liquidity, while keeping in mind the continuing difficulties in global capital markets.
The agency maintained the outlook for Qatar at "stable".
Qatar sold bonds worth $ 10 billion in April, to be the first Gulf country to collect liquidity in debt markets in the face of declining oil prices and fog in the markets caused by the Corona virus.
But the credit rating agency said in a statement, "Despite a severe economic contraction and low oil and gas prices, we do not expect a fundamental deterioration that exceeds our expectations in the financial positions of the government and foreign shares."
Standard & Poor’s added that Qatar’s income levels are still among the top rated sovereign debt, which supports its strong credit position.
It is noteworthy that Moody's credit rating agency reduced last week the outlook for Saudi Arabia, attributing this to the high financial risks due to the collapse of oil prices and the uncertainty about its ability to compensate for the loss in oil revenues and to achieve debt stability.