Capital Intelligence (CI), the international credit rating agency, announced that it has reaffirmed the rating of NIG Sukuk Company’s $475m Mudaraba Sukuk at ‘BBB-’. The Outlook for the rating is ‘Stable’.
Despite the deterioration of the financial standing of the Obligor and Mudarib, National Industries Group Holdings S.A.K., Kuwait (NIG), and its continued weak performance over the past two years, the Sukuk rating is affirmed based largely on the Company’s demonstrated ability to meet this Sukuk obligation. (Press Release)