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Similar to the conventional
securities, Sukuk can be rated on a sovereign and corporate basis. The
rating analyst or the rating agency will mainly focus on the credit rating
of the instrument and any expected default or losses, the agency will give
high priority to the legal, the structure and the underlying assets of the
Sukuk.
It should be noted that, the
rating agency will take the Sukuk assets in account only if the assets in
place, otherwise, the rating will be based on the borrower portfolio.
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