Qatar leads the Middle East and North Africa in luxury living and confirms its credit rating

Qatar leads the Middle East and North Africa in terms of luxury of living and ranks fourth in the world

But the agency kept Qatar's outlook at "negative", in light of the continuing risks resulting from the disruption of liquefied natural gas exports through the Strait of Hormuz.

Qatar is among the economies that witnessed the largest reductions in expectations during a Reuters poll, as the gross domestic product is expected to contract by 8.1 percent this year, compared to expectations of a six percent decline in April.

Fitch said in a statement: “It will take longer to absorb the impact of the war on creditworthiness.”

Qatar, one of the world's largest exporters of liquefied natural gas, has been dealing with disruptions in exports through the Strait of Hormuz and shortages linked to damage to energy facilities.

The rating confirmation comes months after Fitch warned against downgrading Qatar's sovereign rating, with mounting concerns about the security and economic repercussions of the war on Iran.

Reuters reported last month that Qatar has lost about $24 billion in gas sales since the conflict began six months ago.

Standard & Poor's and Moody's also confirmed Qatar's rating earlier this year, saying that its "substantial" financial position mitigates the impact of the US-Israeli war on Iran.