Fitch rates QIIB's $700m fixed rate trust certificates at 'A-'
- Qatar: Tuesday, October 16 - 2012 at 14:03
- PRESS RELEASE
Fitch Ratings has assigned Qatar International Islamic Bank's (QIIB; the originator; 'A-'/Stable/'F2') $700m five year trust certificate (Sukuk) issue a final rating of 'A-'. The issuing entity is QIIB Sukuk Funding Ltd.
Fitch has aligned the issue rating with QIIB's Long-term Issuer Default Rating (IDR) as the Sukuk structure is viewed as an originator-backed/asset-based structure. The rating for the certificates would therefore be sensitive to any change in QIIB's Long-term IDR.
By assigning a rating to the issue, Fitch does not express an opinion on the Sukuk structure's compliance with Shariah principles or whether the relevant transaction documents are enforceable under any applicable law, including, without limitation, Qatar law.
Established in 1991, QIIB is a fast growing full service Islamic bank with around 3% market share by banking assets at end-2011. The Qatar government (via the Qatar Investment Authority) holds a 16.7% stake in the bank. Its largest shareholder is a prominent business family with a combined holding of 22.6%.
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