KUWAIT CITY: Fitch Ratings has assigned Kuveyt Turk Katilim Bankasi A.S.’s (Kuveyt Turk) three-year $100m 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 Ratings.
The final rating is the same as the expected rating Fitch assigned on 22 July 2010. For further information, please see the 22 July comment, entitled ‘Fitch Assigns Kuveyt Turk’s Forthcoming Sukuk Issue Expected ‘BBB-’ Rating’, which is available at www.fitchratings.com. The issue will mature in August 2013 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.
Source : http://gulftoday.ae/portal/5f59354c-fe4d-4499-9357-a46bc9dbf792.aspx - Aug 21, 2010
