Wednesday 23, May 2018 by William Mullally

Fitch issues rating for KFH Sukuk

The assignment of final ratings is contingent upon receipt of final documents conforming to information already received by Fitch.

  

Fitch Ratings has assigned Kuwait Finance House's trust certificate issuance programme, housed under KFH Sukuk Company SPC Limited, expected A+ and F1 ratings.

The expected ratings are in line with KFH's Long- and Short-Term Foreign-Currency Issuer Default Ratings (IDR) of 'A+' and 'F1', respectively, and apply only to senior unsecured certificates issued under the programme.

The assignment of final ratings is contingent upon receipt of final documents conforming to information already received by Fitch.

KFH Sukuk, the issuer and trustee, is a special purpose vehicle (SPV), incorporated in the Dubai International Financial Centre (DIFC), solely to issue certificates (sukuk) under the programme. The trustee has been incorporated solely for the purpose of participating in the transactions contemplated by the transaction documents. A full list of ratings is at the end of this rating action commentary.

According to Fitch, the trust certificate issuance programme's ratings are driven solely by KFH's IDRs of 'A+' and 'F1'. “This reflects Fitch's view that default of these senior unsecured obligations would reflect the default of KFH in accordance with Fitch's rating definitions,” said Fitch.

 

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