Estithmar Holding – Issuer Rating of ‘qaBBB’ on Qatar National Scale Assigned

Ref: QA020 22 CRA00- 0 2 25 October 20 2 3

Estithmar Holding – Issuer Rating of ‘qaBBB ’ on Qatar National Scale Assigned

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned first-time Long- and Short-Term Issuer Ratings on the Qatar National Scale of ‘qaBBB’ and ‘qaA3’, respectively, to Estithmar Holding (EH). The Outlook on the ratings is Stable.

The main credit strengths that support the ratings are linked to EH’s good debt service capacity and sound profitability, although the limited availability of historical consolidated data hinders a proper trend analysis. As a result, greater than usual reliance has continued to be placed on Group-prepared forecasts – although these appear to be based on reasonable assumptions. Earnings performance over the last 12 months has however been in line with (or above) the levels previously forecast for the period.

The at least adequate levels of earnings…