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Moody’s assigns DIFC sukuks Baa3
Moody’s Investors Service said it assigned a Baa3 senior unsecured rating to the $700 million of sukuk certificates due 2024 issued by DIFC Sukuk Ltd. in 2014, a special purpose vehicle established in the Dubai International Financial Centre by DIFC Investments Ltd.
The Baa3 rating is at the same level as the long-term issuer rating of DIFC Investments because this is the only senior debt of the capital structure, and it ranks senior to shareholder loans,” Moody’s said.
DIFC Sukuk used the proceeds to acquire a Wakala portfolio, or real estate assets, from DIFC Investments.
The outlook is stable.
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