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Fitch Assigns Turkiye Finans Sukuk Issue Final 'BBB' Rating
May 2, 2013 / 3:42 PM / in 5 years

Fitch Assigns Turkiye Finans Sukuk Issue Final 'BBB' Rating

(The following statement was released by the rating agency) LONDON, May 02 (Fitch) Fitch Ratings has assigned Turkiye Finans Katilim Bankasi A.S.'s (Turkiye Finans) Sukuk issue a final rating of 'BBB'. KEY RATING DRIVERS The 'BBB' rating assigned to the Sukuk is driven solely by Turkiye Finans' Long-term foreign currency Issuer Default Rating (IDR) of 'BBB' as the Sukuk structure is viewed as an originator-backed/asset-based structure. According to Fitch's criteria, the Sukuk rating is directly linked to Turkiye Finans' Long-term IDR. By assigning a rating to the issue, Fitch does not express an opinion on the Sukuk structure's compliance with Shariah principles or whether the relevant transaction documents are enforceable under any applicable law, including, without limitation, English and Turkish law. RATING SENSITIVITIES Fitch would expect the Sukuk rating to move in tandem with, and be sensitive to any change in, Turkiye Finans' Long-term foreign currency IDR, which is, in turn, driven by Fitch's view of potential support from its majority shareholder. Turkiye Finans engages in interest-free banking - primarily with SMEs and corporate clients. It is a small but growing bank, 66.3% owned by the The National Commercial Bank ('A+'/Stable) of Saudi Arabia. Turkiye Finans is currently rated as follows: Long-term foreign currency IDR 'BBB'; Outlook Stable Long-term local currency IDR 'BBB+'; Outlook Stable Short-term foreign currency IDR 'F3' Short-term local currency IDR 'F2' National Long-term rating 'AAA(tur)'; Outlook Stable Viability Rating 'bb-' Support Rating '2' Contact: Primary Analyst Banu Cartmell Director +44 203 530 1109 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Janine Dow Senior Director +44 203 530 1464 Committee Chairperson James Watson Managing Director +7 495 956 6657 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, 'Rating Sukuk', dated 16 August 2012, is available at www.fitchratings.com. Applicable Criteria and Related Research Rating Sukuk here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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