Mohammed Al Barwani New Sukuk Issuance SPC – Provisional Issue Rating of ‘omBBB’ Assigned to upcoming OMR25mn 5-year Wakala Sukuk

6 June 2023

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned a provisional issue rating on the Oman National Scale of ‘omBBB’ to the upcoming OMR25mn 5-year Wakala Sukuk to be issued by Mohammed Al Barwani New Sukuk Issuance SPC (the issuer). The Outlook assigned to 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 rating would remain unchanged should the greenshoe option to raise the issue size to OMR35mn be exercised.

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…