Fitch rates DIB Sukuk debt A

Fitch Ratings said it assigned DIB Sukuk Ltd.’s new issuance an expected senior unsecured rating of A(EXP).

The sukuk will be issued under DIB Sukuk's trust certificate issuance program under which total issuance may be up to a maximum $2.5 billion equivalent.

DIB Sukuk, a legal entity incorporated in the Cayman Islands, is set up solely to act as the issuer of the certificates and trustee for the certificate holders.

Fitch said the program's expected rating is driven by Dubai Islamic Bank PJSC's A long-term issuer default rating, reflecting the agency’s view that default of these senior unsecured obligations would reflect default of the entity in accordance with its rating definitions.

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