QREICQatar Real Estate Investment Company
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Two Qatari property firms, Qatar Real Estate Investment Company (QREIC) and Barwa Real Estate, are in the early stages of a merger following an order by the government to join forces.
Moody's said it has placed the A2 local and foreign currency issuer ratings for Qatar Real Estate Investment Company (QREIC or Alaqaria) and the A2 rating for the $300 million Trust Certificates (Sukuk) due 2012 issued by Qatar Alaqaria Sukuk Company (QASC) under review for a possible downgrade following the company's announcement that the Qatari government has issued a directive to merge QREIC with Barwa Real Estate Company.
This could lead to a downgrade of the BCA as it results from a departure of one of Moody's fundamental assumptions - Moody's views QREIC as an ancillary service provider to the government - upon assigning the BCA.