Moody’s: Axiata notes Baa2

Moody's Investors Service said it assigned a definitive Baa2 rating to the $500 million sukuk notes issued by Axiata SPV2 Bhd., a wholly owned subsidiary of Axiata Group Bhd.

The notes are drawn down from the company’s existing $1.5 billion multi-currency sukuk issuance program.

The proceeds from the notes will be used for general working capital purposes, Moody’s said.

Axiata is one of Asia's largest regional cellular telecommunications providers with about 290 million customers at year-end April 2016, the agency said.

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