Trust certificate/sukuk proposed by Ittihad International Investment LLC (Ittihad): assigned preliminary 'BB-' issue rating This presale report is based on the draft documentation dated Oct. 29, 2025, for the proposed senior unsecured sukuk trust certificate issuance of benchmark size by Ittihad International II Ltd. (IIL-II), incorporated as a limited liability company in the Cayman Islands. The sukuk is expected to mature five years after the issuance. Various subsidiaries of Ittihad (BB-/Stable/--) are guarantors of its contractual obligations under the proposed sukuk's terms. However, these guarantees do not contribute to the rating on the sukuk. Under the sukuk documents, IIL-II will enter a purchase agreement with various subsidiaries, including IPM of Ittihad, as well as a lease agreement, a service agency
