Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- Fitch affirms Ooredoo at A outlook stable  Join our daily free Newsletter

MENAFN - The Peninsula - 01/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Fitch Ratings has affirmed Ooredoo QSC's long-term foreign currency Issuer Default Rating (IDR) at 'A' with stable outlook. Qtel International Finance Limited's global medium-term note programme and Ooredoo Tamweel Ltd's Sukuk programme have also been affirmed at 'A'



Ooredoo's IDR is notched down from Fitch's credit assessment of Qatar on a top-down basis, reflecting strong legal, operational and strategy ties between the two. This is in accordance with the agency's Parent and Subsidiary Linkage criteria. The State of Qatar, directly and indirectly owns 69 percent of Ooredoo



Ooredoo's ratings reflect Fitch's assessment of Qatar's creditworthiness due to strong operational and strategic ties. Strong ties are supported by the ownership of a golden share of Ooredoo by the Qatari government. This implied state support underpins the strong ratings and offsets risks associated with diversification into weaker-rated emerging markets, slowing sector growth and M&A risk



In line with Fitch's expectations, Ooredoo's reven grew by a modest 1 percent in FY13, due to maturing mobile markets, increasing competition and changes to the technology landscape. The company has responded by shifting its strategy towards efficiency improvements and focusing on data services, which should help stabilise operating margins in the medium-term. Nevertheless, Fitch expects pressure in this area to continue over the short- to medium-term with no revenue growth and EBITDA margins under pressure at low 40 percent-41 percent on a group basis.




The ratings agency noted Ooredoo generates approximately 22 percent of its consolidated EBITDA from Qatar and it expects contribution from the domestic business to remain around 20 percent in the coming years. Other GCC countries, mainly Oman and Kuwait, account for 10.5 percent of the EBITDA, with the remainder being derived from Indonesia, Iraq, Algeria and Tunisia.



Ooredoo's operations in these lower-rated countries continue to generate stronger headline growth than the domestic market, but are exposed to higher political and economic risks

 


The Peninsula




  MENA News Headlines
 Jun 24 2016 - Chinese tornado death toll hits 98Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, June 24 (KUNA) -- Death toll of the tornado and hailstorms in east China''s Jiangsu Province has climbed to 98, state-run Xinhua News Agency reported ...

 Jun 24 2016 - UK has voted by 52% to 48% to leave European Union -- BBCKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) LONDON, June 24 (KUNA) -- The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum, acording to the BBC. London and ...

 Jun 24 2016 - Spain heads to fresh parliamentary polls amid political uncertaintyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Hanadi Watfa MADRID, June 24 (KUNA) -- The Spaniards are to go to the polls on June 26 for the second time in less than one year though the political scene ...

 Jun 24 2016 - Kuwait fire fighters work throughout the year including RamadanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Hammad Al-Mutairi KUWAIT, June 24 (KUNA) -- Personnel of the Kuwait Fire Service Directorate (KFSD) work hard throughout the year including the fasting ...

 Jun 24 2016 - Washington hotel lays historic claim to longtime political practice of lobbyingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Photo feature by Ronald Baygents WASHINGTON, June 24 (KUNA) -- Tourists and Washington residents who visit the lobby of the downtown Willard Hotel can find a ...

 Jun 24 2016 - Kuwait- Amiri Diwan Affairs Minister receives former Azhar Uni. headKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 24 (KUNA) -- Minister of the Amiri Diwan Affairs Sheikh Nasser Sabah Al-Ahmad Al-Jaber Al-Sabah received Friday member of Al-Azhar''s supreme ...

 Jun 24 2016 - Tusk: Not a moment for hysterical reactionsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, June 24 (KUNA) -- President of the European Council Donald Tusk, in a first reaction to the Brexit, said on Friday the 27 EU leaders are determined to ...

 Jun 24 2016 - Madrid bourse posts record losses due to BrexitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MADRID, June 24 (KUNA) -- Benchmark of Madrid Bourse, Ibex 25, tumbled by 11.99 percent at start of Friday''s session settling at 7,819, amid a prevalent jittery ...

 Jun 24 2016 - Cameron declares he is stepping down from officeKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) LONDON, June 24 (KUNA) -- British Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union. Cameron made the ...

 Jun 24 2016 - Egypt receive millions in new investments from ChinaMENAFN
(MENAFN) China Petroleum and Technology Development Corporation (CPTDC) plans to invest nearly USD10 million in Egypt, based on recent reports.Accordingly, the firm has been trying to find a local ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help