Credit ratings agency, Standard and Poor's has upgraded the sovereign credit rating of Qatar to 'AA' from 'AA-', citing strong growth prospects spurred by new large liquefied natural gas projects in 2010-2012. At the same time, the 'A-1+' short-term ratings were affirmed, with a stable outlook. "The stable outlook balances Qatar's strong fiscal and external positions against monetary and banking sector challenges and political risks, both geopolitical and as related to developing domestic institutions," S&P said.