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Abu Dhabi Commercial Bank's Proposed Sukuk Trust Certificates Assigned 'A' Issue Rating Nov 11
Standard & Poors, Nov 2011
Abstract
DUBAI (Standard & Poor's) Nov. 15, 2011--Standard & Poor's Ratings Services said today that it assigned its 'A' issue rating to the proposed senior unsecured sukuk trust certificates to be issued late November, subject to investor demand, by ADCB Islamic Finance (Cayman) Ltd., a special purpose company (SPC) of Abu Dhabi Commercial Bank (ADCB; A/Stable/A-1). The 'A' rating on the proposed sukuk trust certificates is based on the 'A' long-term counterparty credit rating on ADCB. The rating on the proposed five-year trust certificates reflects ADCB's irrevocable undertaking to purchase the assets held by the issuer at the redemption date of the sukuk. ADCB's sukuk obligation will also rank pari passu with all other senior unsecured obligations of ADCB. In addition,...
Companies mentioned in this report are: Abu Dhabi Commercial Bank,ADCB Islamic Finance (Cayman) Ltd.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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