JCR-VIS Credit Rating Company has upgraded the medium to long-term entity ratings of AZLM from BBB+ to A- with a stable outlook, while the short-term rating has been maintained at A-2. The ratings assigned to the first and second tranches of the listed Musharakah term finance certificates have also been upgraded from A- to A with a stable outlook.
Al-Zamin Leasing Mudarabah has developed its niche within the small and medium market through its enhanced outreach and operational infrastructure. This has allowed the Mudarabah to hold a well-diversified asset portfolio of good quality with low level of infection. AZLM is the only Mudarabah within the sector to have issued listed Musharakah term finance certificates, allowing it a direct access to capital markets. JCR-VIS believes this has enhanced the Mudarabah franchise in the financial markets.