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Fitch Upgrades Ratings On Tamweel’s Asset-backed Securities To ’AAsf’; Outlook Stable
(25 July 2012)

 

Tamweel PJSC, the UAE Islamic home finance provider, said today that the ratings of the asset-backed securities of its landmark 2007 securitisation ( Tamweel Residential ABS CI (1) Ltd.) have been upgraded by Fitch Ratings, reflecting the substantial level of credit enhancement available to the notes and the stable performance of the underlying assets.

Fitch has upgraded the ratings of all of the classes of securities to ’AAsf’ with Stable Outlook, from ’A+sf’ (Class A), ’BBB+sf’ (Class B) and ’BBB-sf’ (Class C) with Stable Outlook, and thereby reaching a five -notch uplift from the Tamweel PJSC rating who is the Servicer of this issue.

The US$210 million asset-backed securitisation structure issued in 2007 was the first structure in the region covering home finance receivables. The structure has continued to perform against the backdrop of the on-going global financial crisis, maintaining its investment grade rating throughout.

"The upgrade by Fitch Ratings shows the strength of the structure and the quality of the underlying assets of this landmark issue," said Abdulla Ali Al Hamli, Chairman of Tamweel . "It is particularly notable that during a period of turbulence in the global markets, the issue continued to perform well. This is a clear testament of the quality of our asset book and validates our conservative approach to managing risk."

"The continued strong performance of the issue since 2007 demonstrates the high quality of assets held within the portfolio," said Varun Sood, Acting Chief Executive Officer of Tamweel . "This upgrade maintains the positive momentum built up by Tamweel since our return to the market in 2011, and serves to underscore investor confidence in the company’s business model."

Fitch has also recently upgraded the Long-term Issuer Default Rating of Tamweel to ’BBB+’ (Stable Outlook) from ’BBB-’ (Stable Outlook).

 

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