...September 29, 2021 DUBAI (S&P Global Ratings) Sept. 29, 2021--S&P Global Ratings today affirmed its 'B+' program rating on Bahrain's CBB International Sukuk Program Co. CBB International Sukuk Program Co. is a limited liability company incorporated in Bahrain whose proprietor is the Central Bank of Bahrain, established for the sole purpose of issuing Sharia-compliant securities. The proceeds of sukuk issued under the program will ultimately be used for the government of Bahrain's funding purposes. The program terms and conditions have been amended and restated, largely to align them with the Accounting and Auditing Organization for Islamic Finance Institutions' requirements. The changes do not affect previous issuances under the program. The revised legal documents continue to fulfill the five conditions of our sukuk criteria for equalizing the rating on the program with the issuer credit rating on Bahrain (B+/Negative/B): - The government of Bahrain's contractual obligations are sufficient...
