Thursday, August 30, 2018

FW: MARC REMOVES TOLL CONCESSIONAIRE RELATED RATINGS FROM MARCWATCH DEVELOPING AND REVISES OUTLOOK TO NEGATIVE

 

 

 

P R E S S  A N N O U N C E M E N T

                       

FOR IMMEDIATE RELEASE

 

MARC REMOVES TOLL CONCESSIONAIRE RELATED RATINGS FROM MARCWATCH DEVELOPING AND REVISES OUTLOOK TO NEGATIVE

 

MARC has removed the issue ratings of all toll road concessionaires in its universe from MARCWatch Developing where they had been placed since May 30, 2018 due to heightened uncertainty on the toll road sector pending clarity on the abolishment of toll road charges. The removal of the ratings from MARCWatch Developing reflects that the imminent risk to the toll road sector arising from any resolution on tolling issue has been substantially reduced after the government indicated that any plan to abolish toll road charges has now been put on hold.

 

Nonetheless, MARC remains concerned that the prevailing uncertainty on the toll road sector could linger as the government considers various options to resolve the tolling issue. Coupled with the concern on the outcome of the looming toll hikes rescheduled in 2019/2020, where any toll hike deferrals without timely government compensation could impact the cashflows of toll road concessionaires, MARC has attached a negative outlook on the ratings of the toll road concessionaires in its universe. 

 

The rating agency will continue to monitor developments in the toll road sector, assessing the impact to take appropriate rating actions on the toll road concessionaires. The list of MARC-rated toll concessionaires is shown below:

 

 

Toll concessionaire

Issue

 

Rating

 

 

Grand Sepadu (NK) Sdn Bhd

 

RM210.0 million Sukuk Murabahah

 

 

AA-IS

Cerah Sama Sdn Bhd

 

RM750.0 million in nominal value IMTN (Sukuk) Programme

 

AA-IS

 

Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd

 

 

RM2.3 billion IMTN Programme (Sukuk Musharakah)

 

RM180.0 million Redeemable Secured Junior Bonds

 

AA-IS

 

A-

 

Sistem Penyuraian Trafik KL Barat Sdn Bhd

 

RM510.0 million BaIDS

 

A+ID

 

ANIH Berhad

 

RM2.5 billion Senior Sukuk Musharakah Programme

 

AAIS

Senai-Desaru Expressway Bhd

RM1.89 billion IMTN Programme

 

BBB-IS

Projek Lebuhraya Usahasama Bhd

 

RM23.35 billion Sukuk Musharakah Programme

 

AAAIS

 

MEX II Sdn Bhd

 

 

RM1.30 billion Sukuk Murabahah Programme

 

RM150.0 million Junior Bonds

 

 

AA-IS

 

A-

 

Lebuhraya Duke Fasa 3 Sdn Bhd

 

RM3.64 billion in nominal value Sukuk Wakalah

AA-IS

Projek Lintasan Sungai Besi - Ulu Klang Sdn Bhd

RM2.0 billion Sukuk Wakalah Programme

 

RM500.0 million Danajamin-Guaranteed Facilities

A+IS(s)

 

AAAIS(fg)

 

 

 

Contacts: Lim Chi Ching, +603-2717 2963 / chiching@marc.com.my; David Lee, +603-2717 2955/ david@marc.com.my

 

 

August 30, 2018

 

 

 

[This announcement is available on the MARC corporate homepage www.marc.com.my]

--- DISCLAIMER ---

This communication is provided by Malaysian Rating Corporation Berhad (MARC) on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of its opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

 

© 2018 Malaysian Rating Corporation Berhad

 

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