Moody's rates Mexim sukuk A3

Moody's Investors Service said it assigned a provisional A3 rating to the proposed $1 billion multi-currency sukuk issuance program of EXIM Sukuk Malaysia Bhd., which is established in Malaysia.

The outlook is stable.

The provisional A3 rating assigned to the proposed sukuk program is at the same level as the A3 long-term foreign-currency senior unsecured debt rating of Export-Import Bank of Malaysia Bhd. (Mexim)

The rating also reflects Moody's opinion that the sukuk certificate holders effectively have a claim against the Export-Import Bank of Malaysia, ranking pari passu with other senior unsecured obligations, the agency said.

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