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Published on 7/6/2010 in the Prospect News Emerging Markets Daily.

S&P boosts QTel

Standard & Poor's said it raised its long-term corporate credit rating on Qatar Telecom (Qtel) QSC to A from A-.

The agency said it also raised the short-term corporate credit rating on Qtel to A-1 from A-2.

The outlook is stable.

At the same time, the agency said it raised its issue ratings on the $600 million of 7.875% notes due 2019 and $900 million of 6.5% notes due 2014 issued by Qtel International Finance Ltd. to A from A-.

The rating actions follow that on the State of Qatar (AA/stable/A-1+).

"The A rating on Qtel is based on the company's stand-alone credit profile, which we assess at BBB, as well as on its opinion that there is a 'high' likelihood that the government of Qatar would provide timely and sufficient extraordinary support to Qtel in the event of financial distress," said S&P credit analyst Michael OBrien.


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