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Barwa Bank seeking credit rating
- Qatar: Sunday, February 24 - 2013 at 04:29
Qatari Islamic lender Barwa Bank plans to seek a credit rating in the second half of this year before a possible sukuk sale, Bloomberg has reported. The bank, which became one of the top 10 underwriters of Gulf Islamic bonds within three years of opening, arranged $863m of notes in 2012, just behind QInvest, a unit of Qatar Islamic Bank, the country's biggest Shari'ah-compliant lender by assets. Securing a rating "is the first thing that we need to get right," Barwa Bank CEO, Steve Troop, told the news service. The bank will wait until releasing first-half results before pursuing a credit rating, Troop said. "Then we'll look at availability, state of the market, pricing and whether it makes sense for us, but certainly we are interested in doing so."
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