Moody's rates National Industries Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to the proposed Sukuk al-Mudaraba (program) to be established by NIG Sukuk Ltd. The program is expected to be launched following a road show subject to market conditions. The rating is provisional, subject to receipt of final documents.

The outlook is stable.

In March, Moody's assigned first-time foreign- and local-currency issuer ratings of Baa2 to National Industries Group Holding Co. SAK. Moody's said it regards any trust certificates issued under the program as a senior unsecured obligation. Certificate holders have no security, lien or pledge over any of the trust assets, the agency said.

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