Wednesday January 23, 2013
S&P gives ‘A’ rating to Sime Darby sukuk
PETALING JAYA: Standard & Poor’s Ratings Services (S&P) has assigned an A rating to Sime Darby Bhd’s proposed issue of US dollar-denominated sukuk.
“The rating on the sukuk is subject to our review of the final issuance documentation,” said the rating house in a statement.
The proposed issue is the first drawdown under Sime Darby’s multi-currency US$1.5bil (RM4.5bil) equivalent sukuk issuance programme, which S&P’s rated A on Jan 14.
Sime Darby has indicated that it would use the proceeds from the sukuk issuance for capital expenditure, working capital requirements and other general corporate purposes in accordance with the syariah principle.