Fitch affirms Alaqaria

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 short-term issuer default rating at F2.

The outlook is stable.

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

The ratings reflect Alaqaria's strong business model, robust lessor profile and above-average lease duration for the region, Fitch said.

The ratings also consider Alaqaria's low counterparty risk, as most of its projected income is due to come from strong credits, the agency said, and the benefits from a guaranteed rate of return on its contracts with Qatar Petroleum.

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