Fitch rates Alaqaria certificates BBB+

Fitch Ratings said it assigned Qatar Alaqaria Sukuk Co.'s $300 million trust certificates due 2012 a final BBB+ senior unsecured rating. Qatar Alaqaria Sukuk is a special purpose vehicle formed by Qatar Real Estate Investment Co. QSC (Alaqaria). The final rating is in line with Alaqaria's issuer default rating of BBB+.

The sukuk, which follow a Mudaraba structure, rank pari passu with Alaqaria's existing senior unsecured debt. Fitch said that although the sukuk have been issued via an SPV, they have de facto access to the cash flows of Alaqaria, and therefore are exposed to the credit risk of Alaqaria.

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