MANAMA, 23 April 2008 — Standard & Poor’s Ratings Services assigned its ‘A+’ local currency senior unsecured issue ratings to SR3 billion Sukuk-I and SR 8 billion Sukuk-II issued by the Saudi Basic Industries Corp. (SABIC; foreign currency ratings A+/Stable/A-1).
In conjunction with the release of ratings on these sukuk, Standard & Poor’s also assigned its ‘A+/A-1’ long and short-term local currency corporate credit ratings to SABIC.
The outlook is stable. Under an asset transfer agreement, SABIC has transferred certain rights and obligations for specific marketing agreements, which represent the sukuk assets of SABIC Sukuk LLC, a 100 percent subsidiary of SABIC.
SABIC Sukuk LLC will hold these assets as a custodian for the benefit of the sukuk holders.