S&P rates Petronas Global certificates A-

Standard & Poor’s said it assigned a preliminary A- rating to the proposed dollar-denominated Wakala trust certificates to be issued by Petronas Global Sukuk Ltd.

Petronas Global is a special-purpose company incorporated in Malaysia for issuing sukuk trust certificates.

The preliminary A- rating on the proposed Wakala trust certificates reflects the long-term foreign-currency issuer credit rating on Petronas because the transaction fulfills the five conditions of the agency’s criteria for rating sukuk, S&P said.

Petronas will provide sufficient and timely contractual obligations for the repayment of the periodic distribution amounts and the principal amount, the agency said.

These obligations will rank pari passu with the company’s other unsubordinated financial obligations, S&P said.

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