UK - CAPITAL MARKETS - Moody's assigns BLME US dollar income fund Baa rating

ameinfo.com - Moody's Investors Service has assigned a Baa bond fund rating to the Bank of London and The Middle East Plc 'BLME' Sharia'a Umbrella Fund - USD Income Fund, a Luxembourg-domiciled fund (the 'Fund').

The Fund is structured as a Luxembourg domiciled SICAV-SIF and aims to provide a competitive level of income together with a high degree of security of capital. The fund seeks to achieve this by investing in a diversified portfolio of high quality Islamic money market instruments, Sukuk (an Islamic 'bond') and Ijara (the leasing of assets). (source)

IRELAND - CAPITAL MARKETS - Fitch Rates Goldman's Sukuk Trust Certificate Program 'A+/F1+'; Rating Watch Negative

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)

HUNGARY - Hungary Debt Chief Rules Out Junk Grade, Eyes Islamic and Ruble Bonds

Sept. 30 (Bloomberg) -- Hungary has a higher chance of the outlook on its credit profile being raised to stable from negative than having its rating cut to junk from the lowest investment grade, the Debt Management Agency said.

Teams from Standard and Poor’s and Moody’s Investors Service will visit the country in October to review its rating, Chief Executive Officer Gyula Pleschinger told a conference in Pecs, southern Hungary, today. S&P rates Hungary BBB- with a negative outlook. Moody’s and Fitch Ratings also rate it a step above junk with negative and stable outlooks, respectively.  (source)

LUXEMBOURG - Luxembourg Puts Sukuk on Hold, Governor Yves Mersch Says

Luxembourg has put on hold plans to sell the government’s first Islamic bonds, Central Bank Governor Yves Mersch said. 

“As of late, Luxembourg has had less need to issue,” Mersch told reporters at the Islamic Financial Services Board Summit in Luxembourg City today. “This might have influenced the decision to put the project on hold.”(full story)