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16-02-23
Moody’s allocates Egypt’s initial sukuk program “(P)B3 rating” due to risk worries
(MENAFN) Egypt’s initially offered sovereign USD5 billion sukuk proposing has been assigned a (P)B3 rating by Moody’s Investor Service, indicating that it is considered hypothetical and subject to peak credit risk.
The categorization from the credit rating agency reproduces the administrations issuer rating, as mentioned in an announcement.
The expected Trust Certificate Issuance Programme is released by the Egyptian Financial Company for Sovereign Taskeek, which is entirely possessed by the Ministry of Finance.
Moody’s issued that the trust documentations, or sukuk, released under the plan are to be responsibilities of the Egyptian administration.
“Proceeds from the sukuk issuance will be used by the Company to purchase the usufruct rights to eligible real estate assets,” as stated by the agency.
In order, the sums obtained by the administration from the sukuk issuance are going to be put into aiding Egypt’s investment and improvement ventures. The agency also made strong that the sukuk ratings does not proposes an opinion on the structure’s compliance with Shariah law.
MENAFN16022023000045014228ID1105583696
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