Tuesday 10, October 2017 by William Mullally

Moody's assigns provisional (P)A2 to Qatar International Islamic Bank's Sukuk programme

The (P)A2 ratings assigned to the trust certificates are at the same rating level as the A2 long-term issuer ratings of QIIB.

Moody's Investors Service has assigned provisional (P)A2 senior unsecured long term ratings (foreign and local currency) to the USD2 billion trust certificates programme of QIIB Senior Sukuk Limited ("the Issuer"), a special purpose vehicle incorporated in the Cayman Islands by Qatar International Islamic Bank (Q.S.C.) (QIIB; A2 issuer ratings with a negative outlook, baseline credit assessment or BCA of baa3).

The (P)A2 ratings assigned to the trust certificates are at the same rating level as the A2 long-term issuer ratings of QIIB. This reflects
Moody's view that the Sukuk certificate holders will (i) effectively beexposed to QIIB's senior unsecured credit risk; (ii) not be exposed to 
the underlying performance risk of the Sukuk assets; (iii) have no preferential claim or recourse over the Sukuk assets, or rights to cause 
any sale or disposition of such assets except as expressly provided under the transaction documents; and (iv) only have rights against QIIB, ranking pari passu with other senior unsecured obligations as provided in the transaction documents.

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