Estithmar Holding – Rating of ‘qaBBB’ (Qatar National Scale) Assigned to QAR145mn Series 1 (Tranche 2) Trust Certificates
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Summary
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned a national rating of ‘qaBBB’ to this ‘tap’ QAR145mn trust certificate issuance by Estithmar Sukuk Ltd LLC. The Outlook for the rating is Stable. This is the second tranche to be issued under Series 1 of the up to QAR3.4bn Trust Certificate Issuance Programme of the Obligor, Estithmar Holding Q.P.S.C (EH). The first tranche (QAR500mn) of Series 1 was issued in August 2024 (also rated ‘qaBBB’ by CI). The maturity date for both tranches will be September 2nd 2027. The profit rate on both tranches is 8.75%. Apart from the differing dates of issue, the terms and conditions for both tranches are identical.
The ratings and outlook of the Series 1 trust certificate issuances are aligned with EH’s long-term national scale issuer rating (‘qaBBB’/Stable) and the trust certificate issuance programme’s rating (‘qaBBB’/Stable). This is because EH’s payment obligations under the transaction…