Standard & Poor's Ratings Services said today that it had assigned its 'A' long-term issue rating to the proposed global medium-term note program to be issued by Qtel International Finance Ltd., a finance vehicle of Qatar-based telecoms operator Qatar Telecom (Qtel) Q.S.C. (Qtel), and guaranteed by Qtel. At the same time, we affirmed the existing 'A' debt ratings on Qtel's other senior unsecured debt.
The assigned rating is conditional on successful issuance and our satisfactory review of the final documentation. The amount, maturity, and coupon are to be determined at placement.
The rating on the proposed senior unsecured notes is in line with the corporate credit rating on QTel and its existing debt ratings. Although we believe that the senior unsecured debt at Qtel's level is structurally subordinated to debt at Qtel's various international subsidiaries, we believe this is mitigated by the geographic diversity of Qtel's assets.
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