|Fitch Ratings has assigned Sime Darby Berhad’s (Sime Darby) first tranche of US$800 million (RM2.4 billion) Sukuk notes issued under its US$1.5 billion Sukuk programme a final ‘A’ rating. The final rating is in line with the expected rating assigned on 22 January 2013.
On 15 January 2013, Fitch rated the Sukuk programme set up through a special purpose vehicle, Sime Darby Global Berhad, at the same level as Sime Darby’s senior unsecured rating in accordance with the agency’s “Rating Sukuk” criteria. Sime Darby’s obligations 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. (Press Release)