Fitch rates KT21 sukuk B

Fitch Ratings said it assigned a B rating to KT21 T2 Co. Ltd.’s $350 million subordinated fixed-rate resettable sustainability tier 2 sukuk due 2031. KT21 is Kuveyt Turk Katilim Bankasi AS’ special purpose vehicle.

The certificates are rated a notch below Kuveyt Turk’s long-term foreign-currency issuer rating. Fitch said it deducted a notch for loss severity.

Fitch assigned an expected B rating on Sept. 7.

The outlook is stable.

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