finance.alphatrade.com - CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has assigned an 'A+/F1+' rating to the trust certificate program created by The Goldman Sachs Group, Inc. (Goldman) and placed the rating on Rating Watch Negative. The issuing entity under the program is Global Sukuk Company Limited (GSCL). This program was created for the issuance of murabaha trust certificates. (source)
Source : http://finance.alphatrade.com/story/2011-10-19/BIZ/201110191444BIZWIRE_USPR_____BW6763.html - Oct 19, 2011
The ratings assigned do not imply any confirmation that the Sukuk are Shari'ah-compliant. These ratings are based entirely on the rating of parent guarantor Goldman. Goldman guarantees the obligations of Goldman Sachs International (GSI), its wholly owned subsidiary. The guaranty is unconditional and irrevocable regarding the prompt payment of GSI's payment obligations under the Master Murabaha Agreement. GSI is the purchaser of the commodities being sold by GSCL under a deferred payment arrangement.
Fitch has given no consideration to any underlying assets or any collateral provided, as Fitch has not evaluated, nor do we expect to review, the collateral policy or assets backing the program. Because Goldman irrevocably and unconditionally guarantees the due and punctual payment of amounts payable by GSI under the program, it is Fitch's view that the guaranteed program obligations rank pari passu with senior unsecured obligations of the Guarantor.
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