S&P rates Axiata notes BBB

Standard & Poor’s said it assigned a BBB long-term issue rating to proposed benchmark-size dollar-denominated sukuk trust certificates by Axiata Group Bhd.

Axiata Group will issue the trust certificates through Axiata SPV2 Bhd., a special-purpose vehicle that Axiata Group set up and wholly owns.

The proposed issue is the second drawdown under Axiata Group’s multi-currency $1.5 billion equivalent sukuk program, which has a BBB rating, the agency said.

The rating on the trust certificates is the same as that on the group’s senior unsecured notes, S&P said. 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.

The proceeds will be used for general corporate purposes, S&P said.

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