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The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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Dubai based property developer; Nakheel has reported a net profit of Dh491m ($133.6m) in the first quarter, up 36 % on the Dh362m it made in the same period last year. Revenues rose 62% to Dh2.2bn. Nakheel said it is continuing to complete near term projects and has delivered some 5,400 since its 2011 restructuring, including around 770 in the first quarter this year. That puts it on course to deliver a targeted 3000 units this year. Those delivered so far have been mainly in Nakheel's Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights areas. It claims to be expanding its project pipeline to include Nakheel Mall and The Pointe at Palm Jumeirah, with other residential and retail projects under construction. Nakheel said that its focus is on meeting its restructuring commitments to stakeholders. By the end of the first quarter it had made Dh206m of interest payments to bank lenders and issued Dh120m in the fourth tranche of its trade creditor sukuk. Since restructuring, Nakheel has paid over Dh1.1bn in loan interest and sukuk profit payments and made cash payments of around Dh11bn to trade creditors and contractors.
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Karachi, April 19, 2013: JCR-VIS Credit Rating Company Limited has withdrawn the IFS rating of 'BBB+' (Triple B Plus) assigned to Saudi Pak Insurance Company Limited, with immediate effect, on account of non-renewal of rating contract.
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Turkey could soon hold a full house of participation bank sukuk, with its two remaining debutantes — Albaraka Türk and Türkiye Finans — starting roadshows this week. The planned sukuk will add to those already issued by Turkey's other two Shariah-compliant banks, Kuveyt Türk and Bank Asya .
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Karachi, April 18, 2013: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of UBL Government Securities Fund (UGSF) at ‘A+(f)’ (Single A Plus (f)).
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Karachi, April 18, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Savings Income Fund (USIF) at ‘AA-(f)’ (Double A Minus (f)).