RATNGS - Fitch affirms Turkey's Bank Asya; drops ratings

www.reuters.com - (The following statement was released by the rating agency)
Sept 06 - Fitch Ratings has affirmed Turkey-based Asya Katilim Bankasi A.S.'s (Bank Asya) Long-term foreign currency and local currency Issuer Default Ratings (IDR) at 'B+' with Stable Outlook, Short-term foreign and local currency IDRs at 'B', National Long-term rating at 'A-(tur)' with Stable Outlook, Viability Rating at 'b+', Support Rating at '5' and Support Rating Floor at 'NF'. Fitch has simultaneously withdrawn all the ratings. (source)

RATINGS - Fitch rates Turkiye Finans 'BBB-'; stable outlook

(The following statement was released by the rating agency)

Dec 15 - Fitch Ratings has assigned Turkey-based Turkiye Finans Katilim Bankasi A.S. (Turkiye Finans) a Long-term foreign currency Issuer Default Rating (IDR) of 'BBB-' and a Viability Rating of 'bb-'. A full list of rating actions is at the end of this comment.  (source)

CAPITAL MARKETS - Fitch ends expected rating on Bank Asya's proposed sukuk

worldseenews.com - Nov 28, 2011 - Fitch withdrew on Friday the expected B+(exp) rating assigned to the proposed sukuk issue of Turkish Islamic Sharia-compliant lender Asya Katilim Bankasi AS (IST:ASYAB), or Bank Asya.  (source)

RATINGS - Lira depreciates sharply after Fitch’s downgrade

The Turkish Lira’s value against the dollar fell 1 percent in one day following a downgrade on the country’s outlook by Fitch Ratings. The bourse closed the day with a 1.7 percent loss. The shift in outlook reflects an increase in near-term risks to stability as Turkey should reduce its current-account gap and inflation rate, Fitch says. (source)

RATINGS - Fitch Assigns Bank Asya's Forthcoming Sukuk Issue 'B+(exp)' Expected Rating

Fitch Ratings-Paris/Istanbul/London-20 October 2011: Fitch Ratings has assigned Asya Katilim Bankasi A.S.'s (Asya) forthcoming sukuk issue a 'B+(exp)' expected rating. The expected rating is in line with Asya's Long-term foreign currency Issuer Default Rating (IDR). The final rating is contingent upon receipt of final documentation conforming to information already received by Fitch. (source)

RATINGS - Fitch afrms Islamic Development Bank at 'AAA'/'F1+'

Nov 16- Fitch Ratings has affirmed the Islamic Development Bank's (IDB) Long-term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook and Short-term IDR at 'F1+'.

The ratings primarily reflect IDB's strong capitalisation. The bank is one of the most highly capitalised multilateral development banks (MDBs) rated by Fitch. The equity to assets ratio has remained above 65% since inception (70.7% at end-1431H, equivalent to 6 December 2010 in the Gregorian calendar). The IDB also maintains comfortable liquidity and compliance with Sharia'h principles induces extremely low leverage (21.3% at end-1431H). (source)

CAPITAL MARKETS - KFH unit’s second sukuk stirs delight in Turkish markets

As Kuveyt Turk Participation Bank (KTPB), which is majority owned by Kuwait Finance House (KFH), one of the largest Islamic banks in the world, ponders the successful closure last week of its $350 million 5-year Sukuk Al-Ijara, its second issuance to date, there is already talk of future forays into the global financial market to raise even longer term funding subject to the usual caveats of timing and market conditions. (source)

CAPITAL MARKETS - Turkey’s Tax Change Paves Way for Sukuk Sales: Islamic Finance

Islamic bond sales from Turkey are picking up pace after the government changed its tax law to apply the same rates to sukuk as non-Islamic debt.

Two banks, Asya Katilim Bankasi AS (ASYAB) and Albaraka Turk Katilim Bankasi AS (ALBRK), plan to sell as much as $500 million in Shariah-compliant debt after Kuveyt Turk Katilim Bankasi AS, a unit of Kuwait Finance House (KFIN) KSC, offered $350 million of five- year sukuk Oct. 20. (source)