Moody's rates Axiata sukuk Baa2

Moody's Investors Service said it assigned a Baa2 rating to the sukuk issued by Axiata SPV2 Bhd.

The notes are issued under Axiata's $1.5 billion multi-currency sukuk issuance program.

The outlook is stable.

Moody's said the rating reflects: (a) the ultimate obligation of Axiata to ensure that the periodic distribution amount is always maintained; and (b) the existence of a purchase undertaking, which implies that the sukuk holders ultimately rely on the creditworthiness of Axiata for repayment when the trust is dissolved.

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