Moody's assigns B3 to Pakistan sukuk

Moody's Investors Service said it assigned a B3 backed senior unsecured rating to the proposed U.S. dollar-denominated trust certificates (sukuk) issuance by the Government of Pakistan through the Pakistan Global Sukuk Programme Co. Ltd., a special purpose vehicle, which is wholly owned by the Government of Pakistan.

The assigned rating to the sukuk mirrors the Government of Pakistan's current issuer rating.

Proceeds from the sukuk issuance will be used by the company to purchase assets from the National Highway Authority. The amounts subsequently received by the Government of Pakistan in consideration for the transaction will be used for general budgetary purposes.

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