S&P rates MAF trust certificates BBB

S&P said it assigned a BBB issue rating to the $600 million unsecured trust certificates issued by MAF Sukuk Ltd.

MAF Sukuk is a special purpose vehicle that is incorporated in the Cayman Islands with one outstanding sukuk series under the program, the agency explained.

It is affiliated with Majid Al Futtaim Holding LLC, which guarantees the company's transactions, S&P said.

The rating on the trust certificates reflects the rating on MAF because the transaction fulfills the five conditions of the criteria for rating sukuks, the agency said.

The issuance is via a Wakala contract that comprises two components: a Murabaha contract (48.07%) and a sale-and-purchase agreement for real estate assets, S&P said.

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