Fitch Affirms JANY #Sukuk Company Limited's Senior Debt at 'A'
Fitch Ratings has affirmed the rating of The Goldman Sachs Group's JANY Sukuk Company guaranteed trust certificate issuance programme at 'A'. The equalization of the certificate programme's rating is due to the Sukuk's structure. Upon a trust dissolution event, J. Aron will be obliged under the Murabaha Agreement to acquire, or arrange for a third-party purchaser to acquire JANY's beneficial interest in the commodities in the Wakala portfolio. Goldman will unconditionally and irrevocably guarantee the payment obligations of J. Aron under the Murabaha contract. The Sukuk program does not benefit from a cross-default provision within the guarantee documents.
Syndicate
