Moody's rates First Gulf Bank certificates A2

Moody's Investors Service said it assigned a provisional A2 rating to the upcoming senior trust certificates of First Gulf Bank's subsidiary FGB Sukuk Co. Ltd., which is based in the Cayman Islands.

The outlook is negative.

The certificates will be issued under the proposed trust certificate issuance program, which is launched under First Gulf Bank's existing euro medium-term note program.

The A2 rating assigned to the trust certificates is at the same level as the long-term local-currency and foreign-currency deposit ratings of First Gulf Bank, the agency added.

The proceeds of the sukuk certificates will be used by FGB Sukuk Co. to acquire ownership interest in a portfolio of assets comprising primarily of wakala and mudaraba contracts from First Gulf Bank.

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