Moody’s rates Masraf Al Rayan sukuk A1

Moody's Investors Service said it assigned provisional A1 senior unsecured long-term ratings (foreign and local currency) to the $1 billion trust certificates program of MAR Sukuk Ltd., a special purpose vehicle incorporated in the Cayman Islands by Masraf Al Rayan (MAR; A1 deposit ratings with a stable outlook, baseline credit assessment or BCA of baa2).

The provisional A1 local and foreign currency ratings are aligned with the long-term issuer ratings of Masraf Al Rayan, as the sukuk certificate holders will effectively be exposed to its senior unsecured credit risk.

Masraf Al Rayan’s obligations arising from the trust certificates program rank pari passu with other senior unsecured obligations, Moody’s said. The sukuk certificate holders will not be exposed to the risk of performance of the underlying sukuk assets related to the certificates, and they will not have any preferential claim or recourse over the sukuk assets, or have rights to cause any sale or disposition of the sukuk assets.

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