Mubasher: Moody's Investors Service has assigned on Wednesday a Ba1 rating to the proposed USD-denominated trust certificates, or sukuk, issued by NMC Healthcare Sukuk Limited.
At the same time Moody's assigned a stable outlook to NMC Healthcare Sukuk Limited, a special purpose vehicle, which will issue the sukuk and which is owned by NMC Health.
The proceeds of the proposed certificates will be used for the repayment of existing financial debt.
The rating on the trust certificates is subject to review of the final documentation, the ratings agency stated, noting that the terms and conditions of which are not expected to change in any material way from the draft documents reviewed.
The Ba1 rating assigned to the sukuk is in line with the Ba1 Corporate Family Rating (CFR) of NMC and will rank pari passu with all of the company's existing unsecured indebtedness, the report explained.
Holders of the certificates will not be exposed to the performance risk of the portfolio assets relating to the certificates and do not have any preferential claim or recourse over the relevant trust assets, or rights to cause any sale or disposition of the trust assets except as expressly provided under the transaction documents.
