S&P gives NMC Health sukuk BB+

S&P said it has assigned a preliminary BB+ issue rating to the proposed dollar-denominated sukuk trust certificates to be issued by NMC Healthcare Sukuk Ltd.

The agency said the preliminary rating reflects the guarantee by NMC Health.

S&P also assigned a 3 recovery rating to the sukuk, which reflects an expectation of meaningful recovery of about 60% for sukuk holders in the event of a default.

“Under our criteria, we therefore equalize the preliminary rating on the proposed sukuk with our long-term issuer credit rating on NMC Health,” the agency said in a news release.

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