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Islamic Finance Briefing - Categorized | Bonds (Sukuk) more

Fitch awards SIB Sukuk a BBB+ rating

Posted on 16 May 2011

Fitch Ratings has given the new Sharjah Islamic Bank Sukuk an expected long-term rating of ‘BBB+(exp)’. The Sukuk is issued in the name of the SPV - SIB Sukuk Company.
According to Fitch: “The rating of the issue is driven solely by Sharjah Islamic Bank’s rating due to the purchase undertaking which requires SIB to repurchase the Sukuk assets on the scheduled or any earlier dissolution dates from SIB Sukuk Company. The notes rank as senior obligations of the bank.”………………………………………Full Article: Source

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