Fitch affirms Qatar Real Estate

Fitch Ratings said it affirmed Qatar Real Estate Investment Co. PQSC's long-term issuer default rating and senior unsecured rating at BBB+ and its short-term issuer default rating at F2.

The outlook is stable.

Qatar Alaqaria Sukuk Co.'s $300 million of sukuk bonds due 2012 senior unsecured rating was affirmed at BBB+.

The ratings reflect its strong business model and above-average lease duration for the region, the agency said. The ratings also reflect Alaqaria's low counterparty risk, as most of its projected income is due to come from strong credits, and the benefits from a guaranteed rate of return on its contracts with Qatar Petroleum.

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