Qtel receives positive ratings from Fitch

28/01/2010 00:00 AST

Fitch Ratings has affirmed Qatar Telecom’s (Qtel) long-term foreign currency Issuer Default Rating (IDR) and senior unsecured ratings at ‘A+’ respectively.

The Outlook on the Long-term IDR is Stable. Fitch has simultaneously affirmed Qtel International Finance Limited’s global medium-term note programme (GMTN), guaranteed by Qtel, at ‘A+’.

The rating affirmation reflects Fitch’s assessment of the sovereign’s creditworthiness, given Qtel’s strong operational and strategic ties with the State of Qatar. The State of Qatar owns a 55% stake in Qtel which is held directly and via the Qatar Holding. The agency’s approach - and top-down rating methodology - takes into account the assumed government support for Qtel in line with the criteria report entitled “Fitch’s Parent and Subsidiary Rating Linkage (Fitch’s Approach to Rating Entities Within a Corporate Group Structure)”.

Qtel’s existing facilities have a significant covenant which states: “there is a prepayment requirement should the State of Qatar cease, directly or indirectly, to hold control and majority of Qtel’s share capital”.


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