Estithmar Holding – Rating of ‘qaBBB’ (Qatar National Scale) Assigned to QAR500mn Series 1 Trust Certificates
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Summary
27 August 2024
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned a first-time ‘qaBBB’ issue rating on the Qatar National Scale to the QAR500mn Series 1 trust certificate issuance by Estithmar Sukuk Limited LLC. The latter 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). The Outlook on the rating for this issue is Stable. The maturity date for Series 1 will be September 2nd 2027. The profit rate on the issue is 8.75%.
The rating on the Sukuk is driven by CI Ratings’ assessment of the fundamental credit strength and general repayment capacity of EH and is in line with EH’s long-term national scale issuer rating (‘qaBBB’/Stable) and the trust certificate issuance programme’s rating (‘qaBBB’/Stable). EH’s payment obligations under the transaction documents constitute direct, unconditional,…