16.04.2013 - RAM Ratings assigns AA3(s) rating to proposed MYR 1 bln Sukuk
RAM Ratings has reaffirmed the respective long- and short-term corporate credit ratings of Al Bayan Holding Company (Al Bayan) at AA3 and P1. “Concurrently, we have assigned a final enhanced long-term rating of AA3(s) to ABHC Sukuk Berhad's (ABHC) proposed MYR 1 billion Sukuk Wakalah,” said RAM in a public statement. “The long-term ratings carry a stable outlook. ABHC is a special-purpose vehicle incorporated in Malaysia to facilitate the Sukuk transaction by Al Bayan, a Saudi-based conglomerate. Under a Kafalah agreement in favour of ABHC, Al Bayan shall provide an irrevocable and unconditional guarantee to holders of the Sukuk. As such, the enhanced rating is based on the credit profile of the Group.”..............................................Full Article: Source
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