National Scale Rating of ‘qaBBB’ Assigned to Estithmar Sukuk Limited L.L.C Trust Certificate Issuance Programme; Outlook is Stable

22 January 2024

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned a long-term programme rating of ‘qaBBB’ on the Qatar National Scale to the up to QAR3.4bn Trust Certificate Issuance Programme established by Estithmar Sukuk Limited L.L.C. The Outlook for the rating is Stable. 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).

The rating assigned to the programme is in line with EH’s long-term national scale issuer rating of ‘qaBBB’ with a Stable Outlook. This is because EH’s payment obligations under the transaction documents constitute direct, unconditional, unsubordinated and unsecured obligations of EH and rank pari passu with its other unsubordinated and unsecured financial obligations. The transaction does not contain any structural credit enhancements or factors that would result in a…