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Thursday, March 4, 2021

Qatar avoids financial downgrade by Moody’s

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Qatar’s wealth, strong economic growth and reform plans have led ratings agency Moody’s to maintain the country’s Aa2 ranking – one of its highest scores – after warning of a possible downgrade in March.

However, Moody’s said on Saturday that it had a “negative outlook” for Qatar as the government takes on more debt. The ratings agency noted the country has a limited ability to cut spending related to preparations for the 2022 World Cup or reduce government salaries – which make up 20 percent of total state spending – since the public sector is dominated by Qataris.

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