At the same time the agency has assigned Tamweel Funding Ltd's (TFL) $300m exchangeable trust certificates due January 2013 a final Long-term senior debt rating of 'A'.

The final rating for TSL trust certificates is contingent on the receipt of final documentation, assuming there are no material changes in the terms and conditions as detailed in the draft documentation.

TSL is an exempted company with limited liability incorporated in the Cayman Islands and TFL is a special purpose vehicle established in Jersey whose sole respective purposes are to participate in these two transactions.

The ratings reflect Fitch's judgement that both sukuk can be considered as unconditional, unsubordinated and general obligations of Tamweel PJSC (Tamweel), ranking pari passu with its other senior unsecured obligations.

The exchangeable sukuk issued by TFL are convertible into Tamweel shares at the certificate holders' option. The ratings are therefore in line with Tamweel's Long-term Issuer Default (IDR) 'A' rating on which the Outlook is Stable. Tamweel's other ratings are Short-term IDR 'F1', Individual 'C/D' and Support '1'. The Support Rating Floor is 'A'.

The transactions involve the sale of Shari'ah-compliant assets by Tamweel to TSL and TFL, who then issue the certificates and make periodic distributions to certificate holders from income generated by the assets.

For both transactions Tamweel is required to provide sufficient funds to satisfy any outstanding periodic distribution amounts in full plus the dissolution distribution amount upon maturity, including in the case of a dissolution event (event of default). However, the issuer/trustee and the certificate holders have no right to sell or dispose of the trust assets and related rights.