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Axiata Group Bhd. Sukuk Program Assigned 'BBB-' Issue Rating Jul 12
Standard & Poors, July 2012
MELBOURNE (Standard & Poor's) July 19, 2012--Standard & Poor's Ratings Services today assigned its 'BBB-' long-term issue rating to the multi-currency US$1.5 billion equivalent sukuk program of Malaysia-based telecommunications holding company Axiata Group Bhd. (BBB/Positive/--; axA+/--). Axiata Group will issue the program through Axiata SPV2 Bhd. The issue rating reflects the strength of the transaction documentation, including the lease, wakala, murabaha, and purchase-undertaking agreements. Under these agreements, Axiata Group is obliged to make all payments needed to ensure that the issuer has sufficient funds to pay the certificate holders in a timely manner. Our long-term corporate credit rating on the group forms the basis of our credit assessment of the sukuk program. Axiata SPV2 is a Malaysia-domiciled special purpose vehicle...
Companies mentioned in this report are: Axiata Group Bhd.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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Axiata Group Bhd.