Moody's reviews Qatar Petroleum's ratings following Sovereign Rating Action

The rating action follows an earlier announcement today that Moody's had placed Qatar's sovereign ratings on review for upgrade.

Moody's last rating action on Qatar Petroleum was on 9 May 2006 when it assigned an A1 rating to its debut bond.

As a government-related issuer (GRI), Qatar Petroleum's ratings are assigned in accordance with Moody's GRI rating methodology. The inputs
into Qatar Petroleum's ratings are as follows:

- Qatar local currency rating of A1 / on review for upgrade

- Baseline credit assessment in the range of 5-7 (on a scale from 1 to 21
where 1 represents Aaa, 2 Aa1 etc.)

- High default dependence

- High support

Moody's assessments of Qatar Petroleum's baseline credit risk, default dependence, and government support remain unchanged. Given high support and dependence assumptions, Qatar Petroleum's ratings and outlook will move up in sync with any changes to Qatar's sovereign rating.

Qatar Petroleum, headquartered in Doha, Qatar, is the national oil & gas company of Qatar and wholly owned by the state. Total crude and
condensate reserves are approximately 26.9 billion barrels of oil equivalent (boe) and total natural gas reserves are 905 trillion standard cubic feet (tscf), predominantly located in its vast offshore North Field.