S&P assigns Malaysia sukuk A-

Standard & Poor's said it assigned its A- long-term foreign currency issue rating to Malaysia's (foreign currency A-/stable/A-2, local currency A+/stable/A-1; Asean scale rating axAAA/axA-1+) $1.25 billion of global sukuk trust certificates due in 2015.

The rating on the trust certificates of the issuer, 1Malaysia Sukuk Global Bhd., reflects the strength of the transaction documentation, including the lease and purchase undertaking agreements, the agency said.

Under these agreements, the sovereign as the lessee is obliged to make all payments needed to ensure that the issuer has funds sufficient to pay the certificate holders, S&P added.

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