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Qatar Alaqaria Sukuk Company is a special purpose vehicle formed by Qatar Real Estate Investment Company Q.S.C. (also trading under the name and henceforth referred to as 'Alaqaria'); a Qatar based real estate investment company. The expected rating of the Sukuk is in line with Alaqaria's Issuer Default Rating of 'BBB+' published on 3 July 2007. Please see Fitch's separate announcement on www.fitchratings.com.
The final ratings are contingent upon receipt of final documents conforming to information already received, as well as receipt of satisfactory legal opinions.
The Sukuk, which will follow a Mudaraba structure, will rank pari passu with Alaqaria's existing senior unsecured debt. Fitch notes that although the Sukuk is to be issued via an SPV, they will have de facto access to the cash flows of Alaqaria, and therefore are exposed to the credit risk of Alaqaria. Proceeds from the Sukuk will be used to invest in new projects and to retire bilateral borrowings.
The terms and conditions of the Sukuk documentation include a limitation on the Consolidated Tangible Net Worth and Negative Pledge clauses. The governing law is English law and the jurisdiction is the courts of England.
Fitch: Expected rating of 'BBB+' for Qatar Real Estate Investment Company - related Sukuk issue
Fitch Ratings has assigned an expected 'BBB+' Senior Unsecured rating to Qatar Alaqaria Sukuk Company's prospective US dollar-denominated benchmark-size Trust Certificates (Sukuk) due 2012.
- Qatar: Saturday, July 07 - 2007 at 09:06
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Contact: Oguz Bardak, Istanbul,Tel: +90 212 279 1065;
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Tel: +44 20 7862 4107;
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Tel: +44 20 7417 4314.
Media Relations:
Peter Fitzpatrick, London,
Tel: + 44 (0)20 7417 4364.
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Posted by Lara Lynn Golden, News EditorSaturday, July 07 - 2007 at 09:06 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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