Fitch Maintains Qatar’s AA Rating, Projects Stronger Public Finances

Qatar, 19 March, 2025 :  Fitch Ratings has reaffirmed Qatar’s long-term credit rating at “AA” with a stable outlook, citing expectations of stronger public finances supported by higher liquefied natural gas (LNG) production capacity.

The rating reflects Qatar’s high GDP per capita—one of the highest globally—and a flexible public finance structure that enhances economic stability. The country’s budget surplus is forecast at 3.9% of GDP in 2025 and 3.3% in 2026, despite anticipated lower oil and gas revenues if Brent crude prices average $70 per barrel, down from $80 last year.

Qatar’s debt-to-GDP ratio is also on track to decline from 49% in 2023 to 43% by 2027, following a steady reduction from 85% in 2020. This improvement is driven by active debt refinancing and repayments, positioning Qatar for greater fiscal sustainability.

State-owned Qatar Energy (QE) plans a significant LNG production expansion, increasing capacity from 77 million tonnes per year (mtpa) to 110 mtpa by 2026, with further growth to 126 mtpa by 2027 and 142 mtpa by 2030. This expansion will bolster Qatar’s global energy leadership and economic strength.

Fitch’s affirmation underscores Qatar’s strong economic fundamentals, strategic fiscal policies, and resilience amid fluctuating global energy markets, reinforcing its stable investment outlook.