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Islamic Finance Briefing - Categorized | Banking, Bonds (Sukuk) more

Sharjah Islamic Bank’s Sukuk Trust Certificates assigned ‘BBB+’

Posted on 23 May 2011

Standard & Poor’s Ratings Services has assigned a preliminary ‘BBB+’ issue rating on Sukuk Trust Certificates to be issued 27 May 2011, by SIB Sukuk Company II Ltd., a special purpose company (SPC) with Sharjah Islamic Bank (SIB; BBB+/Stable/A-2) as the obligor and managing agent
The ‘BBB+’ rating on the sukuk trust certificates is based on the ‘BBB+’ long-term counterparty credit rating on SIB.
The rating on the five-year $400 million trust certificates reflects the irrevocable undertaking to purchase the assets held by the issuer at the redemption date of the Sukuk at a predefined price……………………………………….Full Article: Source

 
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