Fitch assigns expected 'A' rating to QIB Sukuk Funding Limited's International sukuk issue

QIB Sukuk Funding Limited is a special purpose vehicle established to act as the issuer and trustee for the certificate holders. The final rating is contingent on receipt of final documentation conforming to information already received.

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'