RPT-Fitch Assigns Turkiye Finans' forthcoming sukuk issue expected 'BBB(EXP)' rating

Fitch Ratings has assigned Turkiye Finans Katilim Bankasi A.S.'s (Turkiye Finans) forthcoming Sukuk issue an expected rating of 'BBB(EXP)'. Turkiye Finans as the managing agent will actively manage this portfolio and ensure that profits are in line with the entire expected return on the Sukuk. The sukuk are asset-based not asset-backed. The 'BBB(EXP)' expected 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.