May 15 2011 |
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Fitch awards SIB Sukuk a BBB+ rating
By Paul McNamara Fitch Ratings has given the new Sharjah Islamic Bank Sukuk an expected long-term rating of 'BBB+(exp)'. The Sukuk is issued in the name of the SPV - SIB Sukuk Company.According to Fitch: "The rating of the issue is driven solely by Sharjah Islamic Bank 's rating due to the purchase undertaking which requires SIB to repurchase the Sukuk assets on the scheduled or any earlier dissolution dates from SIB Sukuk Company. The notes rank as senior obligations of the bank."
Established in 1976, SIB is a UAE based Islamic bank, 31% owned by the government of Sharjah and 20% by Kuwait Finance House.
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