Fitch rates Turkiye Finans Katilim issue BBB

Fitch Ratings said it assigned a final rating of BBB to Turkiye Finans Katilim Bankasi AS's sukuk issue.

The rating assigned to the sukuk is driven solely by the company's long-term foreign-currency issuer default rating of BBB as the sukuk structure is viewed as an originator-backed and asset-based structure, Fitch said.

Fitch said it would expect the sukuk rating to move in tandem with, and be sensitive to any change in, the company's long-term foreign-currency issuer default rating.

The bank also has a long-term foreign-currency issuer default rating of BBB, long-term local-currency issuer default rating of BBB+, short-term foreign-currency issuer default rating of F3, short-term local-currency issuer default rating of F2, national long-term rating of AAA(tur) and viability rating of BB-.

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