S&P rates EIB Sukuk certificates A/A-1

Standard & Poor's said it assigned its A/A-1 preliminary ratings to the sukuk trust certificates program to be launched by EIB Sukuk Co. Ltd., a special-purpose vehicle incorporated in the Cayman Islands, which will enter into a master purchase agreement with Emirates Islamic Bank PJSC (not rated) and will benefit from a guarantee provided by Emirates Bank International PJSC (EBI, A/positive/A-1).

Under the program, EIB Sukuk will issue rated "musharaka" co-ownership sukuk trust certificates, the agency said, adding that the proceeds of the sukuk will be ultimately used for general funding purposes of EIB, which will sell a given percentage of a pool of identified assets to the issuer.

According to S&P, the ratings assigned to the program and to the securities to be issued under it are preliminary and based on draft documentation.

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