MARC AFFIRMS DEBT RATINGS ON TRANSSHIPMENT MEGAHUB BERHAD; OUTLOOK REVISED TO STABLE

Jul 27, 2012 -

MARC has affirmed its ratings on Transshipment Megahub Berhad’s (TMB) RM1,095.0 million fixed rate serial bonds (FRSB) and up to RM360.0 million Commercial Papers/Medium Term Notes (CP/MTN) programme at AAA and MARC-1/AAA respectively. The rating outlook is revised from negative to stable to reflect the fully funded status of the debt service reserves with respect to the final principal repayments on the FRSB and CP/MTN due in November 2012.

TMB’s bonds and notes are backed by deferred payments from the Port Klang Authority (PKA). On June 29, 2012, PKA made its final deferred payment of RM599.66 million into TMB’s trustee-controlled collection account due in respect of the development of office blocks, transshipment facilities, light and medium industry facilities and warehouses in Pulau Indah by turnkey developer of the transshipment hub, Kuala Dimensi Sdn Bhd. TMB’s final principal repayments of FRSB and MTN amounting to RM230 million and RM340 million respectively are due on November 12, 2012. MARC will withdraw TMB’s ratings following the full redemption of the bonds and notes.

Contacts:
Ahmad Tajuddin, +603-2082 2256/ tajuddin@marc.com.my;
Jason Kok Ching Wui, +603-2082 2258/ jason@marc.com.my;
David Lee, +603-2082 2247/ david@marc.com.my.