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 final rating of the Sukuk is in line with Alaqaria's Issuer Default Rating of 'BBB+' published on 3 July 2007.
The rating action follows a review of the Sukuk's final terms and conditions, confirming information already received when Fitch assigned the expected rating of 'BBB+' on 06 June 2007.
The Sukuk, which follow a Mudaraba structure, ranks pari passu with Alaqaria's existing senior unsecured debt. Fitch notes that although the Sukuk have been issued via an SPV, they 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 purchase undertaking agreement include a limitation on the consolidated tangible net worth and negative pledge clauses.
Fitch assigns Qatar Alaqaria Sukuk Company's Trust Certificates final 'BBB+' rating
Fitch Ratings has today assigned Qatar Alaqaria Sukuk Company's USD300 million Trust Certificates ('Sukuk') due 2012 a final 'BBB+' senior unsecured rating.
- Qatar: Tuesday, August 14 - 2007 at 12:43
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Notes and media contacts
Contact: Oguz Bardak, Istanbul Tel: +90 212 279 1065; Ewan Macaulay, London, Tel: +44 20 7862 4107; Raymond Hill, London, Tel: +44 20 7417 4314.Media Relations: Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 4364.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, August 14 - 2007 at 12:43 UAE local time (GMT+4)
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