Fitch gives XL Axiata bonds, sukuk AAA(idn)

Fitch Ratings said it assigned AAA(idn) national ratings to PT XL Axiata Tbk.'s (BBB/AAA(idn)/stable) senior unsecured bonds of up to Rp 1 trillion and the sukuk of up to Rp 1 trillion issued under its bond and sukuk programs.

The agency said the ratings are the same as XL's national long-term rating as the risk of default of the senior unsecured obligations is aligned with that of XL.

Fitch said the ratings also take into account the sukuk's structure and documentation. The sukuk will represent the company's unsecured obligations and will rank pari passu with all its other unsecured obligations.

“XL's ratings include the implied support from its overseas parent, Axiata, and therefore its national long-term rating is at the highest level on the national scale,” the agency said in a news release.

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