S&P assigns Sabic sukuk A+

Standard & Poor's said it assigned its A+ local currency senior unsecured issue ratings to the Saudi Arabian riyal 3 billion Sukuk-I and SAR8 billion Sukuk-II issued by Saudi Basic Industries Corp. (Sabic, foreign currency ratings A+/stable/A-1).

In conjunction with the release of ratings on these sukuk, S&P said it also assigned its A+/A-1 long and short-term local currency corporate credit ratings to Sabic.

The outlook is stable.

Under an asset transfer agreement, Sabic has transferred certain rights and obligations for specific marketing agreements, which represent the sukuk assets of Sabic Sukuk LLC, a 100% subsidiary of Sabic, the agency noted.

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