Moody’s assigns Aa3 to ICD notes

Moody's Investors Service said it assigned a provisional Aa3 senior unsecured medium-term note rating to the trust certificate issuance of Hilal Services Ltd., a special purpose vehicle established in the Cayman Islands by the Islamic Corp. for the Development of the Private Sector (ICD).

"The ICD's sukuk offering reflects the continued interest in Islamic capital markets as a source of funding," Moody’s analyst Mathias Angonin said in a news release.

"The financing will help to finance the expansion of ICD' s terms finance and equity portfolios in response to a growing demand for assistance from its member countries. Even with the expected sukuk issuance, the ICD's leverage ratio will remain low relative to peers."

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