S&P rates SD International sukuks BB-

S&P said it assigned a preliminary BB- rating to the proposed dollar-denominated sukuk trust certificates to be issued by SD International Sukuk Ltd.

SD International Sukuk will enter into a wakala for at least 51% of the issued amount, S&P said, and a Murabaha for at most 49% of the issued amount with Serba Dinamik International Ltd., a wholly owned subsidiary of Serba Dinamik Holdings Bhd.

Serba Dinamik Holdings guarantees SD International's obligations toward the sukuk holders, the agency said.

The rating reflects the guarantee by Serba Dinamik and indicates that the transaction fulfills the five conditions of criteria for rating sukuk, S&P said.

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