Moody's assigns Maldives sukuk B3

Moody's Investors Service said it assigned a B3 backed senior unsecured rating to the proposed dollar-denominated trust certificates (sukuk) issuance by the government of Maldives through the Maldives Sukuk Issuance Ltd.

Maldives Sukuk Issuance is a special purpose vehicle wholly-owned by the Maldives’ ministry of finance. Moody’s said it considers the debt and trust certificate issuances ultimately the obligation of the government of Maldives.

“The assigned rating to the sukuk mirrors the government of Maldives' current issuer rating. According to the terms and conditions available to Moody's, the trust certificates will constitute direct, unconditional and unsubordinated obligations of the government of Maldives,” the agency said in a press release.

Proceeds will be used in part to fund a tender, which has been announced concurrently with the new issue and is conditional on the offering, on the government's bonds maturing in June 2022. The remainder of the proceeds will fund development projects in Maldives.

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