Fitch rates Bahrain certificates, bonds BB+

Fitch Ratings said it assigned an expected BB+ rating to Bahrain's proposed dollar-denominated sovereign global sukuk trust certificates to be issued by CBB International Sukuk Co. 5. (CBB5)

The agency also said it assigned an expected BB+ rating on Bahrain's proposed dollar-denominated bonds.

The expected ratings are in line with Bahrain's long-term foreign-currency issuer default rating, which was downgraded to BB+ with a stable outlook in June, Fitch said.

CBB5 is the issuer and the trustee of the sukuk incorporated primarily for the purpose of participating in the sukuk transactions. CBB5 is a single person company incorporated in the Kingdom of Bahrain with limited liability whose proprietor is the Central Bank of Bahrain.

The trust certificate issuance program's rating is driven solely by Bahrain's issuer default rating of BB+, Fitch said.

This also considers a view that default of these senior unsecured obligations would reflect default of Bahrain, the agency said.

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