Moody's assigns Baa3 rating to Almarai's Trust Certificate Issuance program

Moody's Investors Service on Tuesday assigned a (P) Baa3 senior unsecured rating to the $2 billion Trust Certificate Issuance Program to be issued by Almarai Sukuk Ltd, a special purpose vehicle established by Almarai Company, a statement said.

“The (P) Baa3 rating and stable outlook assigned to the Trust Certificate Issuance Programme are at the same level as the long-term issuer rating of Almarai,” Moody’s said in the statement, adding that the rating outlook  is stable.