S&P assigns B to GFH Sukuk certs

S&P said it assigned its preliminary B issue rating to a proposed issuance of dollar-denominated senior unsecured sukuk trust certificates by GFH Sukuk Co. Ltd.

Under the sukuk documents, GFH Sukuk will use no less than 51% of the face amount of sukuk certificates to purchase certain real estate assets from GFH Financial Group BSC, or its subsidiaries and will subsequently lease them to GFH under the lease agreement.

The remaining proceeds, no more than 49% of the face value of certificates, will be invested into commodities to be sold to GFH on a deferred payment basis pursuant to a murabaha agreement.

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