Moody’s rates IBQ Finance program A2/Prime-1

Moody's Investors Service said it assigned provisional A2/provisional Prime-1 long-term and short-term senior unsecured ratings to the $2 billion euro medium-term note program of IBQ Finance Ltd., a special-purpose vehicle of International Bank of Qatar (QSC) (IBQ, A2 long-term deposit ratings, stable outlook, baseline credit assessment baa3).

The securities constitute unconditional, unsecured and unsubordinated obligations of IBQ.

The ratings assigned to the senior unsecured class of notes of the new program are aligned with IBQ's A2 long-term and Prime-1 short-term deposit ratings, reflecting two primary considerations: (a) The instruments issued under the program will be unconditionally and irrevocably guaranteed by IBQ; and (b) the guarantee represents direct, unconditional, unsubordinated and unsecured obligations of IBQ ranking pari passu and equally with all other unsecured obligations of the bank.

Under the program, IBQ and IBQ Finance may issue notes up to a maximum aggregate amount of $2 billion.

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