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S&P rates SIB Sukuk certificates BBB+
Standard & Poor's said that it assigned a preliminary BBB+ issue rating on sukuk trust certificates to be issued on May 27 by SIB Sukuk Co. II Ltd., a special purpose company with Sharjah Islamic Bank (BBB+/stable/A-2).
The BBB+ rating on the sukuk trust certificates is based on the BBB+ long-term counterparty credit rating on the bank, the agency said.
The rating on the five-year $400 million of 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, the agency added.
The ratings on the bank are supported by its very strong capitalization, adequate funding and liquidity and the business and strong financial benefits from having the government of the Emirate of Sharjah as its largest shareholder, the agency said.
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