Fitch rates Pakistan certificates B

Fitch Ratings said it assigned an expected B rating to Pakistan's proposed dollar-denominated sovereign global sukuk trust certificates to be issued by Third Pakistan International Sukuk Co. Ltd.

The expected rating is in line with Pakistan's long-term foreign-currency issuer default rating of B with a stable outlook.

Third Pakistan International exists solely for the purpose of participating in sukuk transactions and is wholly owned by Pakistan, Fitch said.

The ratings reflect a view a default of these senior unsecured obligations would be a default of Pakistan, the agency said.

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