Estithmar Holding – National Scale Issuer and Issue Ratings Affirmed, with a Stable Outlook

14 October 2025

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term issuer ratings on the Qatar National Scale of ‘qaBBB’ and ‘qaA3’, respectively, assigned to Estithmar Holding Q.P.S.C. (Esithmar or EH). At the same time, CI Ratings has also affirmed the national rating of ‘qaBBB’ assigned to the Trust Certificate Issuance Programme, and the national rating of ‘qaBBB’ on the QAR500mn and QAR145mn Series 1 issuances (under this programme). The Outlook for all the ratings is Stable.

Rating Drivers

The main credit strengths that support the ratings are linked to EH’s satisfactory debt service capacity, improved debt maturity structure, as well as sound and improving profitability. Earnings performance over the last 12 months has been in line with (or above) the levels previously forecast for the period, both overall and at individual cluster level.

The satisfactory levels of earnings…