Mubasher: Fitch Ratings has assigned provisional “A+/F1” rating to Kuwait Finance House’s (KFH) $3 billion trust certificates programme of KFH Sukuk Company, as reported by Al Qabas Newspaper.
The ratings assigned to these sukuk certificates are in line with the rating of the issued deficit in foreign currency, both on the short- and long-term, with ratings of “A+” and “F1”, respectively, Al Qabas added.
Fitch noted that the ratings apply only on senior unsecured sukuk certificates based on the programme.
The certificates will be issued through a programme of KFH Sukuk Company, a special purpose vehicle incorporated in Dubai International Financial Centre (DIFC) by Kuwait Finance House (KFH), according to Al Qabas.
KFH Capital Investment and Standard Chartered will lead KSH’s sukuk programme, yet the volume of the first issuance and its timing have not been determined.