20.07.2012 - S&P rates Axiata Group sukuk program 'BBB-'
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
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