Fitch Ratings affirmed Qatar's AA credit rating on Saturday, citing strong public finances and large sovereign assets. The agency removed Qatar from its "Rating Watch Negative" list, saying risks to liquefied natural gas facilities had diminished since March.
An AA rating is the third-highest on Fitch's scale, just two notches below the top grade. Investment-grade ratings make it easier for nations to access capital markets and raise funds.
Iranian missile strikes in March damaged Trains 4 and 6 at Ras Laffan, the world's largest LNG refinery, removing 12.8 million tonnes a year from production — about 17 per cent of Qatar's LNG exports. QatarEnergy, the state energy company, declared force majeure on contracts with buyers in China, South Korea, Italy and Belgium, with chief executive Saad Al Kaabi estimating annual lost revenue at $20 billion.
Fitch said it expected "some form of deal" would allow LNG shipments to resume through the Strait of Hormuz in the first quarter of 2025. The agency projected that exports would reach pre-war levels in the second half of next year, accounting for the 17 per cent capacity loss from the Iranian attack.
The Strait of Hormuz closure disrupted regional energy exports, with more than 20 per cent of global LNG normally transiting the waterway before the conflict. The International Monetary Fund cut its 2026 growth forecast for the Middle East to 0.7 per cent, a 1.2 percentage point downgrade, citing fallout from the strait's closure.
