Fitch: KIB Sukuk Limited’s Subordinated Tier 2 Sukuk Assigned 'A-(EXP)' Long-Term Rating

Fitch Ratings (Fitch) has assigned a long-term rating of ‘A-(EXP)’ to Kuwait International Bank’s (KIB) subordinated Tier 2 Sukuk which is part of its trust certificate issuance programme, which comes under KIB Sukuk Limited (KSL).

KSL is KIB’s special purpose vehicle set up to issue Sukuk under the programme. According to Fitch, the Tier 2 Sukuk rank pari passu with all other subordinated obligations of KIB. The expected rating, which applies only to subordinated unsecured certificates, are two notches below KIB’s ‘A+’ Long-Term Foreign-Currency Issuer Default Rating (IDR). KIB is inclined to ensure repayment of the Sukuk and the full and timely repayment of KSL’s obligat...