RAM Ratings Withdraws TF Varlik’s MYR 3 Billion Sukuk; Discontinues Turkiye Finans’ Ratings

RAM Ratings (RAM) has announced its withdrawal of the A1/Stable rating of TF Varlik Kiralama (TF Varlik)’s MYR 3 billion Sukuk Murabahah Medium-Term Notes (MTN) Programme (2014/2034).

The withdrawal was announced upon RAM receiving confirmation that TF Varlik had fully redeemed its outstanding Sukuk and subsequently cancelled the program on the 21st of May 2020. The ratings agency further stated that it no longer has any rating obligations to the Sukuk.

TF Varlik was incorporated as a fully owned asset leasing company of Turkiye Finans Katilim Bankasi (Turkiye Finans or the Bank), to issue MYR Sukuk. RAM added that it would no longer cover ratings of Turkiye Finans, at the req...