Fitch assigns EIB Sukuk certificates A+(exp)

Fitch Ratings said it assigned EIB Sukuk Co. Ltd.'s U.S. dollar-denominated fixed-rate senior unsecured trust certificates an expected rating of A+ (exp).

EIB Sukuk is a special purpose vehicle incorporated in the Cayman Islands by Emirates Islamic Bank PJSC (not rated) solely to act as the issuer of the certificates and trustee for the holders of the certificates. EIB is the 99.8% owned Islamic banking subsidiary of UAE-based bank Emirates NBD PJSC.

Fitch said the rating assigned to the certificates is driven by Emirates NBD's long-term issuer default rating of A+/stable owing to the sukuk structure where Emirates NBD, as the guarantor, provides a direct and unconditional guarantee of EIB's sukuk obligations.

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