Fitch rates Hazine sukuk BBB-

Fitch Ratings said it assigned a BBB- rating to Hazine Mustesarligi Varlik Kiralama Anonim Sirketi's $1.5 billion of global certificates (sukuk) due March 26, 2018.

The certificates have a profit rate of 2.803%.

Hazine, an asset leasing company incorporated solely for the purpose of participating in this transaction, is wholly owned by the Republic of Turkey.

The rating reflects a judgment that the sukuk can be considered an unconditional, unsubordinated and general obligation of the Republic of Turkey, ranking equally with Turkey's other senior unsecured obligations, Fitch said.

Therefore, the rating is in line with Turkey's long-term foreign-currency issuer default rating of BBB- with a stable outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.