Turkish Bank Albaraka Turk's Proposed Sukuk Certificates Assigned 'BB' Issue Rating

1506 word report published Nov 21, 2011

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Abstract:

PARIS (Standard&Poor's) Nov. 21, 2011--Standard&Poor's Ratings Services said today it assigned a 'BB' issue rating on proposed sukuk certificates to be issued by Bereket Varlik Kiralama Anonim Sirketi (the issuer), a special purpose company (SPC) with Albaraka Turk Katilim Bankasi (Albaraka Turk; BB/Negative/B; Turkey national scale trAA-/--/trA-1) as the obligor and managing agent. The 'BB' rating on the proposed sukuk certificates is based on the 'BB' long-term counterparty credit rating on Albaraka Turk and the draft documentation of the planned issuance dated Nov. 20, 2011 received from the bank. The rating on the proposed certificates mainly reflects Albaraka Turk's irrevocable undertaking to purchase the assets held by the issuer at the redemption date of the sukuk

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RESEARCH Ratings Definitions PDF Turkish Bank Albaraka Turk's Proposed Sukuk Certificates Assigned '##' Issue Rating Publication date: 21-Nov-2011 Primary Credit Analyst: Goeksenin Karagoez, Paris (33) 1-4420-6724; goeksenin_karagoez@standardandpoors....

Report Type:

Ratings Action

Ticker:

ALBRK@TI

Issuer:

Albaraka Turk Katilim Bankasi AS

Sector:

Global Issuers

Country:

Turkey

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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