Moody's: Tamwheel notes Baa1

Moody's Investors Service said it assigned a provisional Baa3 senior unsecured debt rating to the sukuk program of Tamweel Funding III Ltd.

Moody's also said it assigned a provisional Baa1 senior secured debt rating to the upcoming dollar-denominated trust certificate issuance under the program, which has a higher rating as it also benefits from an unconditional and irrevocable guarantee from Tamweel PJSC's majority shareholder, Dubai Islamic Bank PJSC.

This issuance benefits from a specific bank guarantee hence the provisional Baa1 rating is at the same level as the long-term local-currency and foreign-currency issuer ratings of the bank, Moody's said.

The program allows for future issuances without a Dubai Islamic Bank guarantee, which would be rated at the Baa3 program level, the agency said.

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