MARC has assigned a preliminary rating of AAIS
to Sime Darby Plantation Sdn Bhd’s (SDP) Perpetual Subordinated Sukuk Programme
of up to RM3.0 billion (Perpetual Sukuk) with a stable outlook. The
Perpetual Sukuk is a novation of the existing Perpetual Sukuk of Sime Darby
Berhad, currently the holding company of SDP.
The existing outstanding amount under the Perpetual Sukuk is RM2.2
billion. The Perpetual Sukuk novation, which is expected to be completed by
end-June 2017, is part of the ongoing group-wide reorganisation exercise that
will see SDP listed as a separate entity from Sime Darby Berhad by end-December
2017.
MARC had on May 25, 2017 assigned a corporate credit rating of
AAA/Stable to SDP. The two-notch rating differential between SDP’s corporate
credit rating and the Perpetual Sukuk is in accordance with MARC’s notching
principles on subordinated debt and hybrid securities.
Contacts:
Saifuruddin Othman +603-2717 2945 / saifuruddin@marc.com.my,
Taufiq Kamal, +603-2717 2951 / taufiq@marc.com.my.
June
9, 2017
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