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Published on 2/27/2013 in the Prospect News Emerging Markets Daily.

S&P: Sime Darby issues axAAA

Standard & Poor's said it assigned an axAAA Asean regional scale rating to two issuances under an Islamic medium-term notes program by Sime Darby Bhd.

The issuances consist of a 300 million of Malaysian ringgit due Dec. 9, 2022; and 400 million in Malaysian ringgit due Dec. 10, 2027.

The proceeds will be used for capital expenditure, working capital, general corporate purposes and refinancing debt obligations, S&P said.

The ratings reflect the group's strong business risk profile and modest financial risk profile, S&P said.

Sime Darby strong competitive positions in three key businesses: plantation, industrial and motors, the agency said.

These positions reflect the long record, large operating scale and integrated operations of these businesses, S&P said.

The company's increased appetite for investments, higher tolerance for debt-to-fund capital expenditure, and execution risks temper these strengths, the agency said.


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