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Moody's assigns A2 rating to Riyad Bank's $3bn Sukuk

Moody's assigns A2 rating to Riyad Bank's $3bn Sukuk
Riyad Bank
4.68% 15.66 0.70

Riyadh – Mubasher: Moody's Investors Service has assigned a provisional foreign-currency long-term (P)A2 senior unsecured rating to Riyad Sukuk Limited's backed $3 billion trust certificate issuance programme.

The Sukuk issuance was also assigned with a provisional foreign-currency long-term (P)Baa3 contractual point of non-viability (PONV) subordinated rating (Tier 2 PONV rating), according to a research note published on Thursday.

Moody’s indicated that rating is aligned with Riyad Bank's A2 foreign-currency long-term deposit rating and reflects that the instruments issued under the programme will be guaranteed by Riyad Bank and rank equally with all other unsecured and unsubordinated from time to time outstanding obligations of Riyad Bank.