S&P rates Axiata certs BBB-

Standard & Poor's said it assigned its BBB- rating to a proposed issue of benchmark Chinese-renminbi-denominated sukuk trust certificates due 2014 by Axiata Group Bhd.

The agency said it also assigned its cnA Greater China regional scale rating to the proposed issue. 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 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, the agency said.

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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