This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Nov. 6, 2025--S&P Global Ratings today said that Ittihad International Investment – LLC's (Ittihad's; BB-/Stable/--) proposed sukuk, with a benchmark size issuance of about US$550 million, is neutral for the company?s credit quality but is likely to improve its interest coverage metrics. The proposed sukuk, to be issued by Ittihad International II Ltd. (see " Presale: Ittihad International II Ltd. ," published on Nov. 3, 2025) is expected to mature in 2030. Ittihad plans to use the proceeds from the issuance to refinance the 9.75% US$450 million sukuk due in 2028 issued by Ittihad International Ltd., cover transaction costs, and refinance some short-term debt maturities. Hence the company
