assess as remote the risks that a total loss event jeopardises the full and timely repayments of the trust certificates.”
“Pakistan’s legal obligations under the sukuk terms and conditions might leave investors exposed to residual assets risks,” it added. “Pakistan has the obligation to ensure that the assets are covered by insurance and to make up any shortfall between insurance proceeds and the principal amount, under a total loss event scenario, unless it proves beyond any doubt that it has complied with its insurance obligations.”
It should be noted that Pakistan’s credit rating has remained stable or improved during the last few years. International credit rating agencies Moody’s, Fitch and S&P rate Pakistan B3 (stable), B (stable) and B (stable), respectively.
S&P, in a previous report, said it does not expect Pakistan’s external and fiscal situation to deteriorate materially from the current levels. The country’s economic prospects remain favourable, it added.
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