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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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Investors this week warmly welcomed a decision from Turkey to push ahead issue with a long-awaited debut sovereign sukuk this month.
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Such is the quiet of the Middle East sukuk market following the Islamic holiday period that all returning investors can hear beyond the sound of fans whirring is the faint, distant rumble of Malaysian domestic issuance. Yet despite these outward signs of serenity, there is every reason to be excited about the fresh storm of deals gathering just around the corner – as this week's announcement of a Turkish sovereign sukuk debut demonstrates.
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Date posted: 6 September 2012
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Karachi, September 05, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of JDW Sugar Mills Limited (JDWSML) at ‘A’ (Single A) and short-term entity rating at ‘A-1’ (A-One). The rating of the company’s TFC issue of Rs. 1.7b has also been reaffirmed at ‘A+’ (Single A Plus). Outlook on the assigned ratings is ‘Stable’.