OREANDA-NEWS. Fitch Ratings has assigned IBQ Finance Limited's USD500m 3.5% guaranteed senior unsecured notes due 2020 a rating of 'A+'.

KEY RATING DRIVERS
The notes are issued under IBQ Finance Limited's USD2bn euro medium term note programme. The payments of all amounts due in respect of the notes issued is guaranteed by International Bank of Qatar (Q.S.C.) (IBQ) on an unsubordinated basis. The ratings assigned to the notes are equalised with IBQ's Long-term Issuer Default Rating (IDR) of 'A+'.

Notes under the programme are issued by IBQ Finance Limited, a special purpose entity incorporated in the Cayman Islands.

RATING SENSITIVITIES
The rating of the notes is sensitive to any change in IBQ's IDR.

IBQ's IDRs are driven by expected support from the Qatari authorities and are sensitive to a change in Fitch's assumptions around the Qatari authorities' propensity or ability to provide timely support to IBQ. At present, Fitch considers the likelihood of any change to be small.

IBQ's ratings are as follows:
Long-term IDR: 'A+'; Outlook Stable
Short-term IDR: 'F1'
Viability Rating: 'bb+'
Support Rating: '1'
Support Rating Floor: 'A+'

IBQ Finance Limited:
EMTN programme: Senior unsecured debt 'A+'/'F1'
Guaranteed Notes: Senior unsecured assigned 'A+'.