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S&P assgns ‘BB’ rtg to Turkey’s proposed USD sukuk lease certs

Posted on 07 September 2012

Standard & Poor’s Ratings Services said today that it has assigned its ‘BB’ issue credit ratings to the proposed U.S. dollar Sukuk Lease Certificates to be issued by Hazine Mustesarligi Varlik Kiralama Anonim Sirketi (the issuer), a special-purpose vehicle (SPV) wholly owned by the Republic of Turkey (foreign currency, BB/Stable/B).
We believe the transaction aims to raise funds in accordance with the Islamic principles of “ijara” (leasing). The assets underlying the lease will be state-owned buildings and land in Turkey. Under the transaction, the state will sell a pool of property assets to the issuer………………………………………..Full Article: Source

 
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