S&P rates Saudi Basic sukuk A+

Standard & Poor's said it assigned its A+ local currency senior unsecured debt rating to the proposed sukuk-III maturing 2028 issued by Saudi Basic Industries Corp. (Sabic, A+/stable/A-1).

Under an asset transfer agreement, Sabic has transferred certain rights and obligations for specific marketing agreements, which represent the sukuk assets of Sabic Sukuk LLC, a 100% subsidiary of Sabic, the agency said.

The sukuk assets are expected to generate the necessary cash flows to cover periodic payments to the sukuk holders, S&P added.

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