Moody's: National Industries financing positive

Moody's Investors Service said that it views National Industries Group Holding SAK's announcement in conjunction with the release of its first-quarter 2012 results that it plans to issue a structured syndicated Murabaha facility of more than KD 100 million as credit positive.

The facility would comply with Islamic laws.

Moody's the financing being pursued is credit positive because, depending on the final size and terms of the deal, it could address the rating agency's concerns regarding National Industries' liquidity, which are currently factored into the company's B3 corporate family rating.

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