www.strateji.com.tr - Fitch Ratings has today assigned Kuveyt Turk Katilim Bankasi A.S.'s (Kuveyt Turk) five-year USD350m Sukuk issue a final rating of 'BBB-'. The rating reflects the completion of the issuance and receipt of documents conforming to the information previously received by Fitch. (source)
The final rating is the same as the expected rating assigned on 06 October
2011 (see "Fitch Assigns Kuveyt Turk's Forthcoming Sukuk Issue Expected
'BBB-(exp)' Rating,", which is available at www.fitchratings.com.)
The issue will mature in October 2016 and the proceeds will be used for
general corporate purposes. Kuveyt Turk's payment obligations under the
transaction will rank at least equally with the claims of all of its other
unsecured and unsubordinated creditors.
Fitch currently rates Kuveyt Turk as follows:
Long-term foreign currency IDR 'BBB-', Outlook Positive
- Long-term local currency IDR 'BBB', Outlook Positive
- National Long-term rating 'AAA(tur)', Outlook Stable
- Short-term foreign and local currency IDRs 'F3'
- Viability Rating 'bb-'
- Support Rating '2'
- Individual Rating 'D'
Kuveyt Turk was incorporated in 1989 and is 62%-owned by Kuwait Finance House
('A+'/Stable). It engages in interest free banking, primarily involving
corporate and commercial lending. The bank also targets retail customers.
