Moody's reviews National Industries

Moody's Investors Service said it placed under review for downgrade the B3 corporate family and probability-of-default ratings of National Industries Group Holding SAK as well as the B3 rating for the $475 million sukuk issued by NIG Sukuk Ltd and the B3 medium-term note program rating.

The action follows a slower-than-expected conclusion of the refinancing package of the sukuk maturing August 16 and rising execution risk associated with the steps still to be taken in anticipation of the maturity in less than a month's time, according to the agency.

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