Mohammed Al Barwani New Sukuk Issuance SPC – ‘omBBB’ Issue Rating Affirmed

13 June 2024

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the issue rating on the Oman National Scale of ‘omBBB’ assigned to the OMR30.1mn five-year Wakala Sukuk issued by Mohammed Al Barwani New Sukuk Issuance SPC (the issuer) in June 2023. The Outlook assigned to the rating remains Stable. The issuer is a sole proprietor company incorporated in Oman by Mohammed Al Barwani LLC Group (MB) – the Obligor – for the purpose of issuing the sukuk certificates.

The sukuk rating is driven by CI Ratings’ assessment of the fundamental credit strength and general repayment capacity of MB since the issuer’s ability to fulfil its payment obligations to certificate holders will ultimately depend on MB honouring its payment obligations to the issuer under the transaction documents. MB’s payment obligations under the transaction documents constitute unsecured and unsubordinated obligations of the Company and rank pari passu with its other…