16.01.2013 - Fitch rates Sime Darby's US$1.5bln Sukuk programme 'A'
Fitch Ratings assigned Sime Darby Bhd's proposed US$1.5bil Sukuk issuance programme an 'A' rating. The rating agency said on Tuesday the proposed Sukuk programme -- set up through its special purpose vehicle -- Sime Darby Global Bhd, was rated at the same level as Sime Darby's senior unsecured rating in accordance with Fitch's "Rating Sukuk" criteria. "Sime Darby's obligations relating to the Sukuk programme rank equally with its senior unsecured debt obligations and the programme is exposed to low structural subordination risk on account of Sime Darby's majority stake in and management control of key operating entities," it said...............................................Full Article: Source
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