Moody's rates Saad Trading notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed issuance of Sukuk issued by Saad Trading Contracting & Financial Services Co., via Golden Belt 1 Sukuk Co. BSC, a special purpose vehicle registered in the Kingdom of Bahrain. The rating is subject to final documentation.

The outlook is stable.

The rating reflects the senior unsecured creditworthiness of the company, as noteholders rely entirely on Saad Trading for service and repayment of the notes, with no security,-lien or pledge over any of the land parcels that represent the trust assets for the transaction structure, Moody's said. Noteholders have no recourse to any assets of the company other than the right of Golden Belt to invoke the termination payment against Saad Trading, the agency added.

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