Though state-funded organizations in Qatar have laid off thousands of people due to budget cuts, the overall impact of the government’s efforts to trim expenses in the face of lower oil prices “remains small,” a ratings agency has said.

However, Fitch said in a report yesterday that it was maintaining Qatar’s AA rating – its second-highest score, which denotes that there is a very low risk of the country defaulting on its debt – thanks in large part to its sizable financial reserves.