Fitch rates Kuveyt Turk sukuk BBB-

Fitch Ratings said it assigned Kuveyt Turk Katilim Bankasi AS's forthcoming sukuk issue an expected rating of BBB-, which is in line with its long-term foreign-currency issuer default rating of BBB-.

The company also has a long-term local-currency issuer default rating of BBB-, short-term foreign- and local-currency issuer default rating of F3 and national long-term rating of AAA(tur), the agency said.

The outlook is stable.

The new rating is contingent upon receipt of final documents. According to a draft of the planned sukuk issue, KT Turkey Sukuk Ltd. will issue trust certificates and use the proceeds to purchase from Kuveyt Turk its beneficial interest and rights in a portfolio of leased assets and murabaha contract, Fitch said.

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