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S&P assigns Axiata notes BBB+
S&P said it has assigned its BBB+ rating to Axiata SPV5 (Labuan) Ltd.'s proposed dollar-denominated notes that Axiata Group Bhd. will guarantee.
“We equalize the rating on the program and the proposed notes with the issuer credit rating on Axiata even though the company's priority debt ratio is high at about 60%. That's because, in our view, Axiata's geographical diversification – with more than three subsidiaries each generating more than 10% of EBITDA – can mitigate subordination risk,” S&P said in a press release.
The notes are expected to extend Axiata's debt maturity profile,” S&P said.
The company intends to use the proceeds to refinance debt.
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