Moody's ups Global Sukuk to A3

Moody's Investors Service said it upgraded to A3 from Baa1 the rating of $600 million trust certificates issued by Malaysia Global Sukuk Inc.

Moody's said the rating upgrade is prompted by the upgrade of Malaysia's foreign currency rating to A3 from Baa1.

The rating on the trust certificates is closely linked to the A3 rating of Malaysia's foreign currency debt because Malaysia's payment obligations in the transaction rank pari passu with its senior unsecured foreign currency debt obligations, according to Moody's.

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