Mubasher: Moody's Investors Service assigned a provisional (P)Baa2 rating to the $2 billion trust certificate issuance programme of EQUATE Sukuk, with a “Stable” outlook, according to a statement.

The limited firm is a wholly owned subsidiary of EQUATE Petrochemical Co. and established in the Dubai International Financial Centre.

The rating given to the programme comes in line with the Baa2 stable senior unsecured issuer rating of EQUATE.

“The alignment of the sukuk programme rating with that of EQUATE's rating is because certificate holders are effectively exposed to the creditworthiness of the obligors for the periodic distributions (akin to coupon payments) and principal repayment of the sukuk,” Moody’s said.