Fitch rates CBB trust certs A

Fitch Ratings said it assigned CBB International Sukuk Co.'s trust certificates an expected A senior unsecured rating.

The rating is in line with Bahrain's long-term foreign-currency issuer default rating of A with a stable outlook, reflecting Fitch's belief that the Sukuk can be considered an unconditional, unsubordinated and general obligation of the Kingdom of Bahrain, according to the agency.

Proceeds will be used to make an advance payment to the kingdom of Bahrain for a lease on a parcel of land.

Bahrain's long-term foreign-currency issuer default rating of A, which was upgraded in August, is supported by its net external creditor status and current account surplus, high per capita income, modest public debt and debt service and good track record of growth, supported by economic and structural reforms and successful diversification strategy, the agency said.

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