S&P rates TNB Global program BBB+/axA+

S&P said it assigned its preliminary BBB+ and axA+ Asean regional scale issue ratings to the proposed multi-currency dollar-denominated Wakala trust certificates program by TNB Global Ventures Capital Bhd.

The agency equalizes the preliminary issue rating on the proposed Wakala sukuk program with the foreign currency issuer credit rating on Tenaga Nasional Bhd. (BBB+/stable/--; axA+/axA-1) because the transaction fulfils the five conditions of its criteria for rating sukuk.

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