Fitch Ratings has assigned International Bank of Qatar’s new $2bn euro medium-term note programme a long-term rating of A+ and Short-term rating of F1. The notes will be issued by IBQ Finance Limited in the Cayman Islands. IBQ Finance is…
Tag: Fitch Ratings
Fitch Affirms Ras al-Khaimah at investment grade with stable outlook
Fitch Ratings has affirmed Ras al-Khaimah’s long-term foreign and local currency issuer default ratings (IDRs) at A. The outlooks are stable. The issue ratings on RAK Capital’s senior unsecured foreign currency bonds have also been affirmed at A. The short-term…
Fitch rates QIB’s $750m sukuk at A+
Fitch Ratings has assigned an A+ rating to QIB Sukuk Ltd’s $750m five-year trust certificates. QIBSL is a special purpose vehicle (SPV), incorporated in the Cayman Islands to act as the issuer of the certificates and trustee for the holders…
Kuwaiti banks to be lifted by government spending: Fitch Ratings
Kuwait’s banking industry should continue to perform robustly despite lower oil prices because of the strength of the Kuwaiti government’s financial position and developing plans for higher public spending on major projects, Fitch Ratings says in a report issued today.…
Fitch rates Iraq at below investment grade
Fitch Ratings, the international credit rating agency, today assigned a sovereign rate of B- to the Iraq in anticipation of the offering later this year of government bonds to finance Baghdad’s budget deficit. This is the first credit rating for…
Fitch affirms IPIC of Abu Dhabi’s rating
Fitch Ratings has affirmed Abu Dhabi-based International Petroleum Investment Company PJSC’s (IPIC) long-term local and foreign currency Issuer Default Ratings (IDR) at AA and short-term foreign currency IDR at F1+. The ratings are aligned with those of Abu Dhabi, IPIC’s…
Increases in Iranian oil production to take time: Fitch Ratings
Iranian crude oil production is likely to increase in 2016 but will take years to reach its previous peak, Fitch Ratings says in a statement issued today. Iran exports 1.1 million barrels a day (b/d) now compared with around 2.5 million…
Fitch Ratings affirms AA rating for Abu Dhabi
Fitch Ratings announced on 16 August that it has affirmed Abu Dhabi’s long-term foreign and local currency Issuer Default Ratings (IDR) at AA with a stable outlook. The issue ratings on Abu Dhabi’s senior unsecured foreign and local currency bonds…
Kuwait Energy’s cash flow to improve in 2015: Fitch Ratings
Kuwait Energy, the Bahrain-based independent oil and gas company, should enjoy higher cash flows in 2015 as production from its Iraqi gas project starts and capital expenditure on development is scaled back, Fitch Ratings said in a statement issued on…
Egypt’s fuel price hike good for credit rating: Fitch
Sharp retail fuel prices increases in Egypt at midnight last Friday will help bolster the country’s creditworthiness, UK credit rating agency Fitch Ratings said today in a statement. “…fuel price hikes are an important step toward reducing subsidies that contribute…