DUBAI (S&P Global Ratings) Sept. 25, 2019--S&P Global Ratings said today that it had assigned its preliminary 'B+' rating to CBB International Sukuk Programme Company S.P.C., a special purpose vehicle (SPV) incorporated with limited liability in Bahrain, fully owned by the Central Bank of Bahrain, established for the sole purpose of issuing Sharia-compliant securities. The SPV will issue certificates based on, among other transaction documents, a master headlease, a master sub-lease, and a master murabaha agreement. The SPV will use part of the proceeds of the sukuk issuance to lease land from the government of Bahrain, which it will then lease back to the government. The SPV will use the other part of the proceeds to purchase commodities. The periodic
