KARACHI: JCR-VIS Credit Rating Company Limited has finalized the rating of `AA-' (Double A Minus) assigned to the Tier 2 Sukuk issue of Meezan Bank Limited (MBL).
The outlook on the assigned rating is stable. The previous rating action was announced on August 31, 2016, said a press release here on Wednesday. The Sukuk is structured based on the principles of Mudaraba and will have a tenor of 10 years. Purpose of Sukuk issuance is to support the Bank in strengthening its overall capitalization levels and meet Basel III requirements.
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