Albaraka Turk's proposed Sukuk Certificates assigned 'BB' Issue Rating
Standard & Poor's Ratings Services has assigned a 'BB' issue rating on proposed Sukuk certificates to be launched by Bereket Varlik Kiralama Anonim Sirketi (the issuer), a special purpose company (SPC).
The rating on the proposed certificates mainly shows Albaraka Turk's irrevocable undertaking to obtain the assets held by the issuer at the redemption date of the Sukuk at the exercise price which will be equal to the aggregate face value of certificates outstanding.
Albaraka Turk has implied that it is using this sukuk to raise funds for general purposes in accordance with Shari’ah principles.
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