Petronas Global Sukuk

S&P assigns Petronas Global Sukuk’s Wakala trust certs an 'A-' rating

Standard & Poor's Ratings Services has assigned its preliminary 'A-' issue rating to the proposed US-dollar-denominated Wakala trust certificates to be issued by Petronas Global Sukuk Ltd. Petronas Global Sukuk - a special-purpose company incorporated in Labuan for issuing sukuk trust certificates - will enter into a "Wakala" agreement with national oil corporation Petroliam Nasional Bhd. Under this agreement, the issuer will enter into an Ijara for at least 33 per cent of the issued amount and a Murabaha for at most 67 per cent of the issued amount with Petronas. S&P assesses remote the risks that a total loss event jeopardises the full and timely repayments of the trust certificates.

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