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S&P rates SD International certs BB-
S&P said it assigned a preliminary BB- rating to proposed sale of dollar-denominated senior unsecured sukuk trust certificates by SD International Sukuk II Ltd., a wholly owned subsidiary of Serba Dinamik Holdings Bhd. SDHB will guarantee the certificates.
SD International Sukuk II Ltd. will sell the certificates and use the proceeds to acquire beneficial interest in a pool of underlying assets, including Wakala assets (for at least 51% of the sukuk proceeds) and Murabaha commodities assets (for at most 49% of the sukuk proceeds) with Serba Dinamik International Ltd., another wholly owned subsidiary of SDHB, S&P said.
SDHB will use the proceeds for working capital and capital spending.
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