Moody's Investors Service has assigned a Baa1 senior unsecured debt rating (outlook stable) to the $300 million sukuk issuance of Tamweel Funding III Ltd (the Issuer), established in the Cayman Islands, the ratings agency said in its website.
This issuance benefits from an unconditional and irrevocable guarantee from Tamweel PJSC's majority shareholder, Dubai Islamic Bank PJSC (DIB) rated Baa1.
This issuance benefits from a specific DIB guarantee hence the Baa1 rating assigned is at the same level as the long-term local-currency and foreign-currency Issuer ratings of DIB (Baa1). The programme allows for future issuances without a DIB guarantee, which would be rated at the (Baa3) programme level.
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