Fitch: KIB Sukuk Limited’s USD 2 Billion Trust Certificate Assigned 'A+(EXP)'/'F1(EXP)' Rating

August 06, 2020

Fitch Ratings (Fitch) has assigned 'A+(EXP)'/'F1(EXP)' ratings to Kuwait International Bank’s (KIB) trust certificate issuance programme worth up to USD 2 billion, under KIB Sukuk Limited (KSL). The expected ratings, which apply only to senior unsecured certificates, are consistent with KIB’s Long-and Short-Term Foreign Currency Issuer Default Ratings (IDRs) of ‘A+’ and ‘F1’ respectively.

KSL is KIB’s special purpose vehicle set up to issue Sukuk under the programme, whose ratings are driven entirely by KIB’s IDRs. According to Fitch, KIB is inclined to ensure repayment of the Sukuk, and of KSL’s roles under the Sukuk structure.