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Fitch Ratings has assigned Asya Katilim Bankasi A.S.'s (Asya) forthcoming sukuk issue a 'B+(exp)' expected rating, the expected rating being in line with Asya's Long-term foreign currency Issuer Default Rating (IDR).
According to the draft prospectus, a Cayman-based special purpose company (SPV) will launch certificates (or sukuk) and use the proceeds to buy from Asya, a portfolio of assets, and any subsequent replacing assets, consisting of obligations owed by Asya's customers. All assets will consist of interest-free finance transactions, taking the form of murabaha or lease financing.