S&P rates Serba Dinamik sukuks BB-

S&P said it assigned a BB- long-term issuer credit rating to Serba Dinamik Holdings Bhd.

The outlook is stable.

The agency also said it assigned a BB- long-term issue rating to the dollar-denominated senior unsecured sukuk trust certificates issued by SD International Sukuk Ltd., Serba Dinamik's fully owned subsidiary.

Serba Dinamik guarantees the notes, S&P said.

The proceeds will be used to repay a significant part of the company's current short-term debt, the agency said, and will use the rest to fund its working capital and capital expenditure requirements for the next 12 months.

At the maturity date of the transaction or upon the occurrence of an early dissolution event, the company will use the proceeds from closing of transaction to repay the sukuk holders, S&P said.

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