Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

S&P: GE Capital Sukuk $500m trust certificates assignedAA rating  Join our daily free Newsletter

MENAFN Press - 16/12/2009

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) Standard & Poor's Ratings Services said today that it assigned its 'AA' issue-level rating on the 500 million sukuk (trust certificates) issued by GE Capital Sukuk Ltd., a limited liability exempted company incorporated under the laws of Bermuda.

The rating is based on the final sukuk documentation dated Nov. 27, 2009. The sukuk assets consist primarily of ownership interests in aircraft assets and rights under the lease agreements entered into regarding these assets. GE Capital Sukuk has used 90% of the sukuk proceeds to enter into a purchase agreement with various subsidiaries of General Electric Capital Corp. (GECC; AA/Stable/A-1) for their beneficial interests in aircraft assets. The issuer holds beneficial interests in the pool of aircraft assets on behalf of the sukuk holders. The issuer has paid the remaining proceeds to Sukuk Aviation Leasing Inc. (SAL), a fully owned subsidiary of GECC, which will hold them in a funded reserve account through deferred-payment commodity "murabaha" (buy-and-sell) transactions.

SAL is the servicing agent. GECC guarantees all obligations of SAL, including the servicing agency agreement, each murabaha contract, the purchase undertaking, the purchase substitution undertaking, the insurance undertaking, and the declaration of trust, each entered into in connection with the trust certificates. The guarantee is unconditional, irrevocable, pari passu in rank with GECC's other senior unsecured obligations. This guarantee, together with other credit enhancement mechanisms provided with regard to the periodic distribution on the sukuk, underpin our equalization of the 'AA' rating on the sukuk with our long-term counterparty credit rating on GECC.


About Standard & Poor's
Standard & Poor's

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help