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Moody’s rates Malaysia certificates A3
Moody's Investors Service said it assigned a provisional A3 senior unsecured rating to the forthcoming dollar trust certificates issued by Malaysia Sovereign Sukuk Bhd., a special purpose vehicle established by the government of Malaysia.
The rating assigned to the sukuk is at the same level as the long-term local-currency and foreign-currency issuer ratings of Malaysia, as the sukuk certificate holders will effectively be exposed to the government's senior unsecured credit risk, Moody’s said.
The certificates rank pari passu with other senior unsecured obligations of the government, the agency said.
The proceeds will be used by the issuer to invest in the purchase of an asset pool consisting of Ijara assets, the right to participate in the provision of transportation services in Malaysia and Shariah-compliant commodities, Moody’s said.
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