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

4 July 2023

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has confirmed the ‘omBBB’   Oman National Scale rating assigned to the OMR30mn five-year Wakala sukuk issued by Mohammed Al Barwani New Sukuk Issuance SPC (the issuer), following the closing of the transaction and receipt of final terms. The Outlook for the rating is Stable. The issuer is a sole proprietor company incorporated in Oman by Mohamed 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…