Fitch rates SIB Sukuk certificates BBB+

Fitch Ratings said it assigned SIB Sukuk Co. II Ltd.'s senior trust certificates an expected long-term rating of BBB+.

The outlook is stable.

SIB Sukuk is a special purpose vehicle, incorporated Cayman Islands solely to act as the issuer of the certificates and trustee for the certificate holders, the agency said.

The rating of the issue is driven solely by Sharjah Islamic Bank's (BBB+/stable) rating due to the purchase undertaking, which requires the bank to repurchase the Sukuk assets, the agency said.

The notes rank as senior obligations of the bank, the agency added.

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