Summary: Qatar Telecom (Qtel) Q.S.C.

Standard & Poors, May 2010

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The 'A-' rating on Qatar Telecom (Qtel) Q.S.C., the incumbent fixed-line and mobile telecommunications operator in the State of Qatar (AA-/Stable/A-1+), is based on the company's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'BBB', as well as on our opinion that there is a "high" likelihood that the government of Qatar would provide timely and sufficient extraordinary support to Qtel in the event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of a "high" likelihood of extraordinary government support is based on our assessment of Qtel's: "Important" role for the government given its position as the largest telecoms services provider in the country. Qtel represents a key part of...

Companies mentioned in this report are: Qatar Telecom (Qtel) Q.S.C.
Action: Review

Qatar Telecom (Qtel) Q.S.C.

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