Fitch Ratings-Chicago- 19 October 2011: Fitch Ratings has assigned an 'A+/F1+' rating to the trust certificate program created by The Goldman Sachs Group, Inc. (Goldman) and placed the rating on Rating Watch Negative. The issuing entity under the program is Global Sukuk Company Limited (GSCL). This program was created for the issuance of murabaha trust certificates.
The ratings assigned do not imply any confirmation that the Sukuk are Shari'ah-compliant. These ratings are based entirely on the rating of parent guarantor Goldman. Goldman guarantees the obligations of Goldman Sachs International (GSI), its wholly owned subsidiary. The guaranty is unconditional and irrevocable regarding the prompt payment of GSI's payment obligations under the Master Murabaha Agreement. GSI is the purchaser of the commodities being sold by GSCL under a deferred payment arrangement.
Fitch has given no consideration to any underlying assets or any collateral provided, as Fitch has not evaluated, nor do we expect to review, the collateral policy or assets backing the program. Because Goldman irrevocably and unconditionally guarantees the due and punctual payment of amounts payable by GSI under the program, it is Fitch's view that the guaranteed program obligations rank pari passu with senior unsecured obligations of the Guarantor.
Goldman's Issuer Default and debt ratings are listed and updated on Fitch's public website at:
www.fitchratings.com/creditdesk/ratings/issr_rtng.cfm?issr_id=80089109&grp_typ_id=4
The Goldman Sachs Group, Inc. is a global bank, providing underwriting, trading, financial advisory, asset management and securities services. Business activities are now divided into four segments:
--Investment Banking;
--Institutional Client Services;
--Investing and Lending; and
--Investment Management.
Fitch assigns the following ratings:
Global Sukuk Company Limited
-- Long-term senior unsecured 'A+'; Rating Watch Negative;
-- Short-term senior unsecured 'F1+'; Rating Watch Negative.
-Ends-
Contact:
Primary Analyst
Leslie S. Bright
Senior Director
+1-212-908-0622
Fitch, Inc.
One State Street Plaza
New York, NY 10004
Secondary Analyst
Fabrice Toka
Senior Director
+1-212-908-0369
Committee Chairperson
Thomas Abruzzo
Managing Director
+1-212-908-0793
Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:--'Global Financial Institutions Criteria' (Aug. 16, 2011);
--'Securities Firms Criteria' (Aug. 16, 2011);
--'Rating Sukuk: Cross-Sector Criteria (Aug. 16, 2011);
--'Fitch Places Seven Global Trading and Universal Banks on Rating Watch Negative' (Oct. 13, 2011).
© Press Release 2011
