Axiata Group’s dollar denominated Sukuk trust certificates assigned ‘BBB’ rating

27 October 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

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Standard & Poor’s Ratings Services (S&P) yesterday assigned its ‘BBB’ long-term issue rating to proposed benchmark size U.S. dollar-denominated sukuk trust certificates by Axiata Group Bhd (BBB+/Stable/--; axA+/--), a Malaysia-based telecommunications holding  company. 

Axiata Group will issue the trust certificates through Axiata SPV2 Bhd., a Malaysia-domiciled special-purpose vehicle that Axiata Group set up and wholly owns. The rating on the trust certificates is subject to our review of the final issuance documentation.

The proposed issue is the second drawdown under Axiata Group’s multi-currency US$ 1.5 billion equivalent sukuk program, which Standard & Poor’s currently rates ‘BBB’. The rating on the trust certificates is the same as that on the group’s senior unsecured notes. 

This is because the obligations to the sukuk holders will rank pari passu with the senior unsecured debt obligations of Axiata Group.

Axiata Group has indicated that it will use the proceeds from the sukuk issuance for general corporate purposes in accordance with the Sharia principle.
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