Moody's assigns Baa3 to ESIC's sukuk

Moody's Investors Service said it assigned a Baa3 instrument rating to ESIC Sukuk Ltd.’s $700 million backed senior unsecured sukuk issuance due in 2029.

ESIC Sukuk is a special purpose vehicle established in the Cayman Islands by Emirates Strategic Investments Co. (ESIC, Baa3 stable).

ESIC's existing ratings, including its Baa3 long term issuer rating as well as the Baa3 rating on the backed senior unsecured sukuk due July 2024 and the (P)Baa3 rating on the backed senior unsecured sukuk trust certificate issuance program issued by ESIC Sukuk remain unchanged.

The stable outlook on both entities is also unchanged.

The Baa3 rating assigned to the sukuk issuance is at the same level as the existing $600 million sukuk issued by ESIC Sukuk and ESIC's long-term issuer rating.

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