Ooredoo Q.S.C. - Ticker: ORDS.QA notes Fitch’s affirmation of Ooredoo’s long-term foreign currency Issuer Default Rating (“IDR”) at A+.  Fitch also confirmed Qtel International Finance Limited’s (in process of changing the name to Ooredoo International Finance Limited) global medium-term note programme and Ooredoo Tamweel Limited’s Sukuk programme as A+.  Fitch confirmed Ooredoo’s Outlook as Stable.

Fitch’s rating confirmation follows Moody’s rating assessment of 27 February 2014 which confirmed Ooredoo’s rating as A2 and its Outlook as Stable.  Moody’s also confirmed Qtel International Finance Limited’s rating as A2 and its Outlook as Stable, with Ooredoo Tamweel Limited being confirmed at (P) A2 and its Outlook as Stable.

The reaffirmation from both Fitch and Moody’s reflects the agencies’ view regarding Ooredoo’s stable liquidity profile which is supported by a cash balance of QAR 20.3 billion as at 31 December 2013, its conservative leverage profile of between 1.5x to 2.5x net debt to EBITDA and its plans to invest in its broadband networks to deliver world class communications services and a compelling customer experience to drive future growth.

 

 

 

 

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 About Ooredoo

Ooredoo, formerly known as Qtel Group, is a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and South-East Asia. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential. Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar and Indonesia. The company reported revenues of $ 9.3 billion U.S. dollars in 2013 and had a consolidated global customer base of more than 96 million people as of 31 December 2013. Ooredoo’s shares are listed on the Qatar Exchange and the Abu Dhabi Securities Exchange.