Qatar's Minister of Finance Ali Sherif Al Emadi said that Fitch Ratings update of Qatar's credit rating to AA and a stable outlook confirms the strong credit position of the country.
The minister said that Fitch's upgrade is in line with other rating agencies such as Standard and Poor's and Moody's, QNA reported.
The minister added that the timing of Fitch's upgrade was critical as it comes after the decline of energy prices in global market and the impact this might have on growth prospects for oil and gas producers. The updating of the rating at such a time reflects the strong credit position of Qatar and its ability to face the challenges faced by energy markets.
Fitch Ratings had upgraded Qatar's credit rating to AA for long-term debt securities in foreign and local currencies. The agency also upgraded Qatar's position to F1+ for short-term debt securities. AA rating is the third highest possible rating that can be offered to any country or institution, it means that the country in question have high-grade bonds that have a little risk of default. The F1+ is the highest rating that could be given to an institution or country for short-term bonds.