Moody's rates NMC Healthcare sukuk Ba1

Moody's Investors Service said it assigned a Ba1 rating to the proposed dollar-denominated trust certificates of NMC Healthcare Sukuk Ltd.

The agency also said it assigned a stable outlook to NMC Healthcare, a special purpose vehicle, which will issue the sukuk.

The company is owned by NMC Health plc, Moody's said.

The proceeds of the proposed certificates will be used for the repayment of existing financial debt, the agency said.

The Ba1 rating assigned to the sukuk is in line with the Ba1 corporate family rating of NMC and will rank pari passu with all of the company's existing unsecured indebtedness, Moody's said.

The company operates one of the largest wholesale distribution businesses in the United Arab Emirates, including fast-moving consumer goods, pharmaceuticals and scientific equipment, the agency said.

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