The rating of the issue is driven solely by Qatar Islamic Bank's (QIB, rated 'A'/Stable) rating in view of the purchase undertaking which requires QIB to repurchase the Sukuk assets on the scheduled, or any earlier, dissolution dates. A full list of QIB's ratings is included at the end of this release.
Established in 1982, QIB is Qatar's oldest and largest Islamic bank. QIB is a full-service commercial bank and is 9.1%-owned by the Qatar Investment Authority.
Islamic Bank's ratings:
Long-term IDR: 'A'; Outlook Stable
Short-term IDR: 'F1'
Individual Rating: 'C'
Support Rating: '1'
Support Rating Floor: 'A'