Turkey: Fitch rates upcoming Asya sukuk as junk
On November 25, 2011 · In Fitch, Islamic Banking, Islamic Bonds, Shariah Banking, Shariah Bonds, Turkey
Fitch Ratings has assigned Asya Katilim Bankasi A.S.’s (Asya) forthcoming Sukuk issue a ‘B+(exp)’ expected rating. The final rating is contingent upon receipt of final documentation conforming to information already received by Fitch.
Asya was incorporated in Turkey in 1996 as a financial institution to provide interest-free banking services and trades on the Istanbul stock exchange.
Fitch has 4 ratings on its ratings scale that qualify as investment grade: AAA, AA, A and BBB. The B rating assigned to Asya’s sukuk is considered junk status.