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 revenue 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
 Jan 27 2015 - More Emirati students join Qasr Al Hosn Festival AmbassadorsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) More than 250 university students from across the Emirate of Abu Dhabi will be selected to act as the Qasr Al Hosn Festival Ambassadors during this year's ...

 Jan 27 2015 - DXB takes over top spot for international passenger trafficEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Airports today released its year-end traffic report which confirm that Dubai International Airport, DXB, has secured its position as the number one airport ...

 Jan 27 2015 - New Abra services in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A new water taxi service using a traditional wooden abra has been launched to connect two of Abu Dhabi's prime waterfront tourist destinations. Passengers can ...

 Jan 27 2015 - EGA Golfers to rub shoulders with world's best at omega Dubai Desert Classic Pro-AmEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A select group of golfing guests of Emirates Global Aluminium, EGA, will enjoy one of the most memorable playing experiences of their lives when they compete in ...

 Jan 27 2015 - OPEC daily basket price for Monday announcedEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of OPEC basket of twelve crudes stood at US $42.90 a barrel on Monday, compared with US $43.69 the previous Friday, according to OPEC Secretariat ...

 Jan 27 2015 - Over one million Umrah performers cross King Abdulaziz International Airport within 45 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JEDDAH, 27th January, 2015 (WAM) - The number of Umrah performers arriving and departing from King Abdulaziz International Airport in Jeddah since the start of ...

 Jan 27 2015 - UNDP issues new development report spotlighting string of successes in Asia-Pacific regionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The United Nations main development programme has spotlighted its string of successes in 36 countries and territories in the Asia and Pacific region in the areas ...

 Jan 27 2015 - ADES 2015 to run from 18th to 21st March at ADNECEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOME Exhibitions today announced the third edition of Abu Dhabi Electronics Shopper, ADES 2015, the largest consumer electronics exhibition in Abu Dhabi, will ...

 Jan 27 2015 - GCC Secretary-General meets with UN officialEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Abdullatif bin Rashid Al-Zayani, GCC Secretary-General has met with Ashok Nigam, UN Resident Coordinator and Resident Representative of the United Nations ...

 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

more...


 






Google

Internatinal Property Show

 
 

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