Moody's rates Tadamun sukuk Aaa

Moody's Investors Service said it assigned an Aaa rating to the sukuk trust certificates issued by Tadamun Services Bhd., a special-purpose vehicle established to act as an Islamic financing conduit for the Islamic Development Bank (Aaa). The outlook is stable.

The agency said Islamic Development Bank's Aaa rating is based on strong shareholder support, including several highly rated sovereigns; the institution's preferred creditor status, which ensures that debt owed to it is excluded from the imposition of capital account controls and any restructuring of sovereign obligations; a strong capital base and prudent financial and risk management policies; and solid liquidity levels.

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