Qatar has retained its AA credit rating from Fitch Ratings, with a stable outlook, supported by the country's expanding liquefied natural gas production capacity and high per capita income. An AA rating signals very low credit risk and a robust ability to meet financial commitments. Qatar's strong credit rating aligns with the broader trend in the Middle East, where countries are steadily diversifying their economies to reduce reliance on crude revenues. However, key constraints that could impact Qatar's rating in the future include its heavy reliance on hydrocarbons, higher government debt-to-GDP ratio compared to regional peers, and regional stability risks.