Moody's rates Asya sukuk Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating to the foreign-currency subordinated sukuk certificates due 2023 of Asya Sukuk Co. Ltd. due 2023. The outlook is stable.

The provisional rating assigned to the sukuk certificates, which will be issued in dollars, is positioned one notch below Asya Katilim Bankasi AS' adjusted standalone credit assessment. The agency said this is due to the fact that ultimately all the payment obligations within the structure remain with Asya Katilim Bankasi (Ba1/non-Prime, stable).

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