...May 7, 2025 DUBAI (S&P Global Ratings) May 7, 2025--S&P Global Ratings today affirmed its 'B+' rating on the sukuk program of Bahrain-based CBB International Sukuk Program Co. WLL. CBB International Sukuk Program Co. is a limited liability company incorporated in Bahrain, whose proprietor is the Central Bank of Bahrain and established for the sole purpose of issuing Sharia-compliant sukuk. The proceeds of sukuk issued under the program will ultimately be used for the government of Bahrain's funding purposes. The program's terms and conditions have been updated, largely to align them with recent developments in the industry. We understand at least 53% of the proceeds from the sukuk issuance will be used to make an advanced rental payment on real estate assets located in Bahrain. The rest of the proceeds will be used to purchase commodities. The rating on the program continues to reflect the 'B+' long-term sovereign credit rating on Bahrain. This is because the program's documents fulfill...
