08.04.2013 - International Islamic Liquidity Management 2 SA's $500 mln programme assigned 'A-1' rating
International Islamic Liquidity Management (IILM) 2 SA is a financing vehicle established to issue short-term Shari’ah-compliant money-market instruments backed by long-term sovereign Sukuk. The ‘A-1’ rating reflects, among others, the vehicle's eligibility criteria that require assets to have an 'A-1' rating, and structural considerations, including principal, profit, and liquidity tests governing new issuances. The rating also incorporates liquidity support currently in the form of a $500 million primary-dealer agreement with Standard Chartered Bank. The vehicle has been established with the sole purpose of purchasing sovereign, sovereign-linked or supranational sukuk assets with long-term ratings that correspond to an 'A-1' rating...............................................Full Article: Source
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