Fitch: Tamwheel notes A, BBB-

Fitch Ratings said it assigned Tamweel PJSC's series of guaranteed certificates under the $1 billion trust certificate issuance program an expected rating of A and unguaranteed certificates under the same program an expected rating of BBB-.

The issuing entity under the program is Tamweel Funding III Ltd.

Tamwheel Funding is a special purpose vehicle, incorporated in the Cayman Islands solely to act as the issuer of the certificates and trustee for the holders of the certificates.

The ratings are based on the long-term issuer default rating of A and stable outlook of Dubai Islamic Bank, Fitch said.

The first guaranteed series is expected to be for $300 million, the agency said.

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