S&P rates Malaysia trust certificates A-

Standard & Poor’s said it assigned its preliminary A- rating to the proposed dollar-denominated sukuk trust certificates to be issued by Malaysia Sovereign Sukuk Bhd.

Malaysia Sovereign Sukuk is a special-purpose company used for issuing sukuk trust certificates, S&P said.

This issuer will enter into a Wakala agreement with the government of Malaysia, the agency said.

Malaysia will provide sufficient and timely contractual obligations for the repayment of the periodic distribution amounts and the principal amount, S&P said.

These obligations will rank pari passu with Malaysia’s general obligations, S&P added.

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