RAM Ratings withdraws Turkiye Finans’ A1/Stable/P1 ratings

Published on 01 Jun 2020.

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RAM Ratings has withdrawn the A1/Stable rating of TF Varlik Kiralama A.S.’s RM3.0 bil Sukuk Murabahah MTN Programme (2014/2034) following the full redemption of the facility’s outstanding sukuk on 21 May 2020 and subsequent cancellation of the programme. As such, RAM no longer has any rating obligation in respect of the said facility. TF Varlik is a wholly owned asset leasing company of Turkiye Finans Katilim Bankasi A.S., established to facilitate the issuance of ringgit sukuk.

We have also discontinued our rating coverage of Turkiye Finans at the request of the Bank. The Bank was last rated A1/Stable/P1.

Analytical contact
Loh Kit Yoong
(603) 3385 2493

Media contact
Padthma Subbiah
(603) 3385 2577

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2020 by RAM Rating Services Berhad

Ratings on TF Varlik Kiralama AS