Estithmar Sukuk Limited’s Updated Trust Certificate Issuance Programme Rating Affirmed; Outlook is Stable

2 September 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term programme rating of ‘qaBBB’ on the Qatar National Scale assigned to the QAR3.4bn Trust Certificate Issuance Programme established by Estithmar Sukuk Limited L.L.C., which has been slightly amended and updated. The Outlook for the rating is Stable. This revised programme updates (and replaces) the original QAR3.4bn programme launched in 2024. The issuer 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

The programme rating is in line with EH’s Long-Term national scale issuer rating of ‘qaBBB’ with a Stable Outlook. This is because the issuer’s ability to fulfil its payment obligations to certificate holders under the programme ultimately depends on EH honouring its payment obligations to the issuer under the…