Fitch rates GFH Sukuk certs B

Fitch Ratings said it assigned GFH Financial Group BSC’s dollar-denominated certificates, to be issued through GFH Sukuk Co. Ltd., an expected rating of B/RR4. The expected rating is in line with GFH’s long-term issuer default rating of B.

GFH SCL, the issuer and trustee, is a special purpose vehicle, incorporated in the Cayman Islands, as a trust for charitable purposes with share capital being held by Walkers Fiduciary Ltd. GFH Sukuk Co. was established solely to issue certificates (sukuk). The trustee has been incorporated solely for the purpose of participating in the transactions contemplated by the transaction documents.

“The U.S. dollar certificates’ ratings are driven solely by GFH’s Long-Term IDR of B. This reflects Fitch’s view that default of these senior unsecured obligations would reflect the default of GFH in accordance with Fitch’s rating definitions. The recovery rating of RR4 reflects Fitch’s expectation of average recoveries in the event of a default,” said Fitch in a press release.

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