Fitch rates TMS Issuer sukuk A

Fitch Ratings said it assigned TMS Issuer Sarl's upcoming senior secured sukuk an expected rating of A.

“The rating is in line with GreenSaif Pipelines Bidco Sarl's (the obligor or Wakeel) long-term issuer default rating (IDR) and senior unsecured rating of A(EXP),” Fitch said in a press release.

The proceeds are partly being used to prepay GreenSaif's $13.4 billion bank bridge term facility and pay expenses incurred in connection with the issuance of the certificates.

The outlook is positive reflecting the outlook on GreenSaif.

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