Malaysian Rating Corporation Bhd (MARC) has assigned a preliminary rating of AAA IS with a stable outlook to Celcom Transmission (M) Sdn Bhd’s proposed RM5 billion nominal value sukuk programme. Proceeds from the sukuk offering will be largely used to retire existing debt of RM4.2 billion.
Celcom Transmission is a core subsidiary of the Celcom Axiata Bhd Group, Malaysia’s second largest wireless service provider. “The rating reflects the credit strength of the overall consolidated entity, premised on the significant financial and operational links between Celcom Transmission, parent company Celcom Axiata and fellow subsidiary, Celcom Mobile Sdn Bhd………………………………………..Full Article: Source