Estithmar Holding Q.P.S.C. –Long- and Short-Term Issuer Ratings on National Scale Affirmed with Stable Outlook; Estithmar Sukuk Limited – Ratings on the Qatar National Scale for Trust Certificate Issuance Programme and Remaining Series 1 issuances Affirmed with Stable Outlook

14 October 2026

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. (Estithmar 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 remaining QAR372mn Series 1 issuances by Estithmar Sukuk Limited LLC (under this programme). The Outlook for all ratings is Stable. Estithmar Sukuk Limited LLC is a Special Purpose Company (SPC) incorporated in the Qatar Financial Centre for the purpose of acting as the issuing entity for the Obligor, Estithmar Holding Q.P.S.C. (EH).

Rating Drivers

Under CI methodology, Issue Ratings for Senior Unsecured Obligations are normally set at the same level as the Issuer Rating for the same Obligor. As EH is the effective obligor for…