Dec 31, 2013 -
MARC has affirmed its BBIS and
B-IS ratings on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion nominal
value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69
billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk)
Programme respectively with a negative outlook. MARC subsequently has withdrawn
all ratings on SDEB at the issuer’s request.
This follows the approval and
consent via a resolution from the sukukholders to the withdrawal of the ratings
pursuant to a proposed restructuring of the aforementioned Sukuk programmes.
SDEB, a 70:30 joint venture between Rancak Bistari Sdn Bhd and Johor
state-owned YPJ Holdings Sdn Bhd, is the concessionaire and highway operator of
the Senai-Pasir Gudang-Desaru Expressway (E22).
Upon the withdrawal of the
ratings, MARC will no longer provide any analytical coverage on the issuer.
Contacts:
Ng Chun Kean, +603 2082 2230/ chunkean@marc.com.my;
David Lee, +603 2082 2255/ david@marc.com.my.
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