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Fitch affirms Qatar Real Estate
Fitch Ratings said it affirmed Qatar Real Estate Investment Co. QSC's (Alaqaria) long-term issuer default rating and senior unsecured rating at BBB+ and its short-term issuer default rating at F2.
The issuer default and senior unsecured ratings were removed from Rating Watch positive. Also affirmed includes the senior unsecured rating of Qatar Alaqaria Sukuk Co.'s $300 million sukuk bonds (due 2012) at BBB+, which were removed from Rating Watch positive.
The outlook is stable.
Fitch said it resolved the watch upon receiving clarification regarding final terms and conditions of Barwa Real Estate Co. QSC tender offer for the acquisition of the entire share capital of Alaqaria.
The acquisition would have no immediate impact on Alaqaria's credit profile as there would be no major change in business strategy or financial profile, the agency said.
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