DOHA: Fitch Ratings has assigned Ooredoo Tamweel Limited’s (SPV) upcoming trust certificate programme (Sukuk) an ‘A+(EXP)’ expected rating. The rating is in line with Ooredoo’s (A+/Stable) Long-term Issuer Default Rating (IDR) and senior unsecured rating.
Ooredoo Tamweel Limited is incorporated in the Cayman Islands to act as the issuer of the certificates and the trustee for the holders of the certificates. The certificate programme’s expected rating is driven by Ooredoo’s IDR and senior unsecured rating of ‘A+’, due to the sukuk’s structure.
It includes Ooredoo’s obligations under the documentation rank pari passu with its other unsecured obligations; Ooredoo’s undertaking to purchase the sukuk assets (airtime vouchers) from Ooredoo Tamweel Limited on the scheduled or any earlier dissolution dates; the price payable by Ooredoo in respect of the airtime vouchers will be the sum of the aggregate face amount of the certificates then outstanding and on any periodic distribution date, if the returns generated from the sukuk assets are insufficient to cover the periodic distribution payments due, Ooredoo undertakes to pay further amounts to the SPV to remedy such shortfall.
The Peninsula
