Fitch rates Mexim sukuk A-(EXP)

Fitch Ratings has assigned Export-Import Bank of Malaysia Bhd.'s (Mexim) dollar-denominated sukuk an expected rating of A-(EXP).

The Islamic bonds will be issued under Mexim's $1 billion multi-currency sukuk program established through EXIM Sukuk Malaysia Bhd.

The sukuk rating is the same as Mexim's long-term issuer default rating. This is because the sukuk will effectively represent unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations, Fitch said.

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