Baa3 Rating Assigned to Certificates Issued by DIFC Sukuk; Outlook Stable: Moody’s Investors Service

Moody’s Investors Service (Moody’s) assigned a Baa3 senior unsecured rating with a Stable Outlook, to Dubai International Financial Centre (DIFC) Sukuk’s USD 700 million Sukuk Certificates (the Certificates) due 2024. DIFC Sukuk is a special purpose vehicle established in the DIFC by DIFC Investments (DIFCI), owned by the Government of Dubai.

The Baa3 rating given to the Certificates is the same as the long-term issuer rating given to DIFCI, according to Moody’s. Moody’s notes that the primary reason for this is because the Certificates are the only senior debt within the capital structure and they rank senior to existing shareholder loans. Moody’s states that Certificate holders are effectively exposed to DIFCI’s senior unsecured risk,...