Jan 17 2012 |
more articles from
|
Fitch Rates Tamweel's USD300m Guaranteed Trust Certificates 'A'
Fitch Ratings-Dubai/London-17 January 2012: Fitch Ratings has assigned Tamweel PJSC's ( Tamweel ) USD300m five-year fixed rate guaranteed trust certificates, issued by Tamweel Funding III under its USD1bn Trust Certificate Issuance Programme a Long-term rating of 'A'.The rating is solely driven by Dubai Islamic Bank 's ( DIB ) Long-term Issuer Default Rating of 'A'. DIB is the guarantor under this series of certificates as set out in the transaction documents.
While certain transaction documents relating to this issue, including the guarantee, being governed by English law, may not be enforceable under any applicable law, including, without limitation, Dubai law or UAE federal law, Fitch's rating for the guaranteed certificates reflects the agency's belief that DIB would stand behind its obligations under the transaction documents.
-Ends-
Established in 2003, Dubai-based Tamweel is a leading sharia-compliant residential mortgage company 58% owned by DIB (which is in turn 30% owned by the Investment Corporation of Dubai, the investment arm of the Dubai government).
Contact:
Primary Analyst
Mahin Dissanayake
Director
+971 4 408 1806
Fitch Ratings Ltd
DIFC, Gate Village
GV07 Level 1, Office 2
PO Box 506527
Dubai
Secondary Analyst
Karim Soueissi
Associate Director
+971 4 408 1807
Media Relations: Michelle James, London, Tel: +44 0203 530 1574, Email: ichelle.James@fitchratings.com.
Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable criteria, 'Global Financial Institutions Rating Criteria' and 'Rating Sukuk' both dated 16 August 2011 are available at www.fitchratings.com.
© Press Release 2012
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment