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Fitch rates KIB Sukuk certificates A-
Fitch Ratings said it assigned Kuwait International Bank's subordinated tier 2 sukuk to be issued under its trust certificate issuance program under KIB Sukuk Ltd. an expected long-term rating of A-.
The certificates' rating is two notches below KIB's long-term issuer rating to reflect the certificates' subordinated status and Fitch's view of a heightened likelihood of poor recoveries in the event of default, Fitch said.
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