S&P Global Ratings has placed an AA+ long-term issue rating on Almasar CI's $8 billion sukuk issuance program, according to a recent release.

Almasar is a special-purpose vehicle established by MTR (HKG:0066) with the purpose of issuing sukuk under the program.

The sukuk program's rating is similar to MTR's long-term issuer credit rating, given that it matches all of S&P's conditions for rating sukuk at the same level as the sponsor's rating.

Under an agreement with Almasar, MTR is obliged to ensure enough funds for the payment of periodic distribution amounts and the principal amount to investors, S&P said.

The special-purpose vehicle will channel proceeds to the purchase of allotted DCB network services.