Moody’s downgrades NMC Healthcare Sukuk Ltd’s trust certificates

Following the downgrade of NMC Health PLCs corporate family rating due to governance shortfalls, Moody’s also downgraded the USD 400 million trust certificates of NMC Healthcare Sukuk Ltd due 2023 to Caa1 from Ba2, and maintains all ratings under review for a downgrade.

These downgrades come on the back of governance issues including significant weaknesses in oversight, internal operational controls, and financial management, which have resulted in the removal of key senior executives from the management team.

Moody’s also stated that it will be withdrawing all ratings on the NMC Health Group (the Group), as it considers all audited financial statements of the Group to no...