ABU DHABI — Moody's Investors Service has assigned an A1 rating to the upcoming floating rate senior Sukuk trust certificates due for 2012 of Emirates Islamic Bank PJSC (EIB), rated A1/Prime-1for long- and short-term foreign currency deposits and C- BFSR.
The sukuk trust certificates will be issued under a $1billion trust certificate issuance programme. Moody's has also assigned a rating of A1 to the first draw down of senior sukuk unsecured trust certificates to be issued under the programme. The ratings are subject to a review of the final documentation.
Accordingly, a special purpose entity, EIB Sukuk Company Ltd, incorporated in the Cayman Islands, issues sukuk to investors. It uses the proceeds to acquire a co-ownership interest in a portfolio of assets comprising income generating assets (Ijarah-leased), asset-based sukuk (trust certificates) and/or units in asset-based funds, held or owned by the bank, with the two parties becoming co-owners in the co-ownership assets.