Standard & Poor’s Ratings Services today assigned its ‘BBB-’ long-term issue rating to the multi-currency US$1.5 billion equivalent sukuk program of Malaysia-based telecommunications holding company Axiata Group Bhd. (BBB/Positive/–; axA+/–). Axiata Group will issue the program through Axiata SPV2 Bhd.
The issue rating reflects the strength of the transaction documentation, including the lease, wakala, murabaha, and purchase-undertaking agreements. Under these agreements, Axiata Group is obliged to make all payments needed to ensure that the issuer has sufficient funds to pay the certificate holders in a timely manner………………………………………..Full Article: Source