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Mangaf Sukuk Company BSC ratings action

Posted on 04 May 2012

Capital Intelligence (CI), the international credit rating agency, announced that it has affirmed the rating of the $38m Sukuk, issued by Mangaf Sukuk Company (Mangaf) at ‘BBB-’, in view of the improved prospects of repayment of the Sukuk at maturity, coupled with the good security package.
However, the Negative Outlook is maintained, reflecting the still unconfirmed status of the new financing needed to bridge the relatively modest repayment gap, the generally weak, real estate sector which may impede asset disposals, together with the overall, challenging operating environment in the region. (Press Release)

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