Loading...




Forex News اخبار فوركس,اخبار السوق,بلومبيرج,رويترز,تحليلات فوركس


إنشاء موضوع جديد  إضافة رد
 
LinkBack أدوات الموضوع إبحث في الموضوع انواع عرض الموضوع
قديم 01-22-2015, 05:47 PM   #1
الادارة
 


افتراضي Standard & Poor`s updates criteria for rating sukuk

Rating agency Standard & Poor’s (S&P) has updated its methodology in evaluating risk for Islamic bonds (Sukuk) to differentiate the treatment between issuers and sponsors.

As sukuk are structured to avoid interest payments, they tend to be more complicated than conventional debt; Sukuk mostly entail special-purpose-vehicles (SPVs) that issue the paper and then advance the proceeds on to the entity raising money.

The new criteria describe the situation in which S&P rates sukuk at the same level at the rating of the sponsor.

Sukuk rated by S&P provide contractual commitments by a sponsor to make payments that, in addition to the underlying asset’s cash flow, will cover the principal amounts and periodic distribution of the instrument.

If the cash flows are not fully covering those amounts, S&P’s terms and conditions provide for dissolution and redemption.

Any missed payments will be then funded through an indemnity from the sponsor, where its contractual commitment for payments towards the SPV will be treated as a financial obligation.

The sponsor’s failure to meet its financial obligations will result in a default ‘D’ or ‘SD’ issuer credit rating on the sponsor. Under the new criteria, sukuk ratings will not be upgraded nor downgraded, but a rating might be withdrawn if criteria aren’t met.

Historically, defaults of sukuk are rare to happen, but S&P’s new criteria would help markets obtain a better understanding regarding the contractual responsibilities and obligations of the parties involved.

The market uncertainty over that can lead to mispricing of sukuk, most importantly for issuers with non-investment grade ratings.
Hazem Ahlawy غير متواجد حالياً   رد مع اقتباس
إضافة رد

مواقع النشر (المفضلة)


الذين يشاهدون محتوى الموضوع الآن : 1 ( الأعضاء 0 والزوار 1)
 
أدوات الموضوع إبحث في الموضوع
إبحث في الموضوع:

البحث المتقدم
انواع عرض الموضوع

تعليمات المشاركة
لا تستطيع إضافة مواضيع جديدة
لا تستطيع الرد على المواضيع
لا تستطيع إرفاق ملفات
لا تستطيع تعديل مشاركاتك

BB code is متاحة
كود [IMG] متاحة
كود HTML معطلة
Trackbacks are متاحة
Pingbacks are متاحة
Refbacks are متاحة


المواضيع المتشابهه
الموضوع كاتب الموضوع المنتدى مشاركات آخر مشاركة
Global sukuk issuance at risk of slowdown this year, S&P says Hazem Ahlawy Forex News 0 01-20-2015 05:22 PM
Gulf bourses maintain winning course, Egypt jumps on rating upgrade Hazem Ahlawy Forex News 0 12-21-2014 11:54 AM
Bank Muscat to issue the first sukuk in Oman Hazem Ahlawy Forex News 0 10-29-2014 08:31 PM
U.S shares close in green on the Fed’s updates Hazem Ahlawy Forex News 0 09-18-2014 01:30 PM
العقد القياسي Standard Lot Hazem Ahlawy GENERAL FOREX DISCUSSIONS 0 09-07-2014 09:17 PM


الساعة الآن 10:22 PM


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123