Standard & Poor's Ratings Services said today that it assigned its 'A' issue rating to the proposed sukuk trust certificates to be issued late November, subject to investor demand, by ADCB Islamic Finance (Cayman) Limited, 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 five-year US$750 million 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.
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