Fitch: Sharjah program BBB+

Fitch Ratings said it assigned Sharjah Islamic Bank's trust certificate program an expected rating of BBB+(EXP). The issuing entity under the program is SIB Sukuk Co. III Ltd.

The BBB+(EXP) rating assigned to the program is driven solely by Sharjah Islamic Bank's long-term issuer default rating of BBB+ as the sukuk structure is viewed as an originator-backed/asset-based structure.

The certificates' ratings would therefore be sensitive and directly linked to any change in Sharjah Islamic Bank's long-term issuer default rating, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.