Qtel shares gain on rating agencies' comments
- Qatar: Thursday, November 25 - 2010 at 15:13
The Qatar Exchange in Doha added 0.37%, finishing at 8,178.77 points. On a year to-date basis, the QE (up 17.53%) posted the largest advance among GCC stock markets. Qatar Telecom (Qtel) shares gained 1.84% to close at QR183.00. Yesterday, Standard & Poor's Ratings Services said today that its ratings and outlook on Qatar Telecom (Qtel) (A/Stable/A-1), incumbent fixed-line and mobile telecoms operator in the State of Qatar (AA/Stable/A-1+), are not affected by Qtel's announced signing of an agreement with a consortium led by Tunisian Princesse Holding to acquire from Orascom's 50% stake in mobile operator Orascom Telecom Tunisie S.A. (Tunisiana) for about $1.2 billion cash. Tunisiana leads among Tunisia's mobile operators and on June 30, 2009, had a 52.9% subscriber market share. Rating agency Moody's followed today with similar statements, saying its rating (A2/stable) on Qtel would not be affected by the telecom provider's acquisition plans.
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