Moody's affirms Dubai Islamic Bank certificates

Moody's Investors Service said it affirmed the A1 foreign-currency rating assigned to the $750 million Sukuk trust certificates due 2012 of Dubai Islamic Bank PJSC. The affirmation follows Moody's receipt and review of the final documentation for the certificates, issued by a special purpose entity, DIB Sukuk Co. Ltd.

The outlook is stable.

The rating is at the same level as the bank's long-term foreign-currency issuer rating given that its obligations under the Sukuk trust certificates will be direct, unconditional and unsecured ones and will rank at least pari passu with its other unsecured and unsubordinated obligations, Moody's said.

The bank's foreign-currency issuer ratings are set at A1/prime-1 based on its adequate intrinsic safety and soundness, the agency said and on a strong likelihood of external support from the United Arab Emirates authorities and from the bank's main shareholders in case of need.

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