MARC Ratings has assigned final ratings of AAIS/A+IS to S P Setia Berhad’s Sukuk Wakalah Programme of up to RM3.5 billion, comprising Senior Sukuk Wakalah (Islamic Medium-Term Notes) and Perpetual Sukuk Wakalah, with a sub-limit of RM1.5 billion for the Perpetual Sukuk Wakalah. The outlook on the ratings is stable.
The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary ratings were based.