Abu Dhabi

Islamic Banking

Fitch affirms FAB Sukuk programme at 'AA-'/'F1+'

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Thursday 17, January 2019 BY WILLIAM MULLALLY

Fitch Ratings has affirmed FAB Sukuk Company Limited's Sukuk Trust Certificates Programme at 'AA-'/'F1+'. FAB Sukuk is the special purpose Sukuk issuing vehicle of First Abu Dhabi Bank (FAB; AA-/Stable/F1+). The programme ratings are equalised with FAB's Long- and Short-Term Issuer Default Ratings (IDR). 

The programme's ratings apply only to senior unsecured certificates issued under the programme, which rank pari passu with FAB's senior unsecured obligations. The programme's total size is $2.5 billion.

FAB Sukuk, the issuer and trustee, is a special purpose vehicle incorporated in the Cayman Islands solely to issue Sukuk certificates under the programme. The trustee has been incorporated solely for the purpose of participating in the transactions contemplated by the transaction documents, according to Fitch. On 15 January, Fitch assigned an expected rating of 'AA-(EXP)' to the recently announced sukuk to be issued under the programme.

The assignment of the final rating is contingent on the receipt of final documents materially conforming to information already reviewed, said Fitch.

TAGS : Ratings

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