Fitch assigns Pakistan's proposed USD Sukuk 'B-' rating

News Image

MG News | January 18, 2022 at 09:23 PM GMT+05:00

0:00

January 18, 2022 (MLN): Fitch Ratings has assigned Pakistan's proposed US-dollar sovereign global sukuk certificates, which will be issued through The Pakistan Global Sukuk Programme Company Limited, a 'B-' rating.

The Pakistan Global Sukuk Programme Company Limited is a legal entity in Pakistan and is the issuer and trustee of the sukuk, incorporated primarily for the purpose of participating in the sukuk transaction. It is wholly owned by Pakistan.

The rating is sensitive to any changes in Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR), which Fitch affirmed at 'B-' with a stable outlook in May 2021, Fitch said.

The certificates' rating is driven solely by Pakistan's IDR. This reflects Fitch's view that a default of these senior unsecured obligations would reflect a default of Pakistan, in accordance with Fitch's rating definitions.

“We have not considered any underlying assets or collateral provided when assigning a rating to the sukuk, as we believe the issuer's ability to satisfy payments due on the certificates will ultimately depend on the Pakistan government satisfying its unsecured payment obligations to the issuer under the transaction documents described in the prospectus and other supplementary documents,” Fitch said.

In addition to the government's propensity to ensure repayment of the sukuk, Fitch believes the government would also be required to ensure full and timely repayment of The Pakistan Global Sukuk Programme Company Limited's obligations due to its various roles and obligations under the sukuk structure and documentation.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,885.00 119,740.00
116,460.00
-410.00
-0.35%
BRENT CRUDE 73.49 73.63
71.75
0.98
1.35%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 70.32 70.51
68.45
1.11
1.60%
SUGAR #11 WORLD 16.46 16.58
16.37
-0.13
-0.78%

Chart of the Day


Latest News

Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg