DOHA: Fitch Ratings has affirmed Qatar Real Estate Investment Company QSC's (Al Aqaria) Long-term Issuer Default rating (lDR) and senior unsecured ratings at 'BBB+', respectively, and its Short-term lDR at 'F2'. The Outlook for the Long-term IDR is Stable.
The report issued by Fitch mentioned, " the rating affirmation reflects Al Aqaria's strong business model, robust lessor profile and above-average lease duration for the region. Finance and operational leases provide stable, long-term rental income for Al Aqaria which are underpinned by off take arrangements by Qatar Petroleum (QP) and government related entities.
These arrangements have provided Al Aqaria with sound defensive qualities during the region's property downturn, as has been proven by the stable financial performance of the company to date."
Mohammed Mandani, Chief Executive officer of Al Aqaria said, "We managed to increase the operational income by 50 percent in the first six months of the year, our investments are safe and we did not need to write-off or provide for any investment, all of that helped maintaining the high investment grade rating AlAqaria has."
© The Peninsula 2009
