Credit Analysis Reports
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Rating action          MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. As of June 15, 2023, the outstanding balance of the sukuk stood at RM60.0 million. RationaleThe rating affirmation reflects Grand Sepadu’s stable performance, supported by resilient commercial traff...


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Rating action     MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) rating for its RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. As of June 13, 2022, outstanding balance of the sukuk stood at RM90.0 million. Rationale     The affirmed rating reflects Grand Sepadu’s stable performance, underpinned by resilient commer...


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Rating action     MARC has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) rating for its RM210 million Sukuk Murabahah Issuance at AA-IS with a stable outlook.Rationale     The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned by the relatively stable traffic performance of the New North Klang Straits Bypass (NNKSB). The rating also...


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MARC has affirmed its rating of AA-IS on toll road concessionaire Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210 million Sukuk Murabahah. The rating outlook has been revised to stable from negative.The government has been honouring its compensation obligations, albeit  with some delays, bringing greater visibility and stability to cash flow.  MARC had previously placed the rating on ...


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MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210.0 million. The rating outlook remains negative. The affirmed rating incorporates Grand Sepadu’s adequate cash flow coverage, its moderately leveraged capital structure and the improving traffic on New North Klang Straits Bypass (NNKSB). The negative outlook highlights the co...


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MARC has placed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) sukuk rating on MARCWatch Developing. The MARCWatch placement follows the increased near-term uncertainty pending full clarity on the new government’s exact plans to deliver pre-election commitments on the scrapping of toll road charges. MARC will seek to resolve the MARCWatch Developing status once there is more clarity regarding the...


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MARC has affirmed the AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) Sukuk Murabahah issuance of RM210 million. The outlook on the rating is stable. Grand Sepadu is indirectly equally owned by Taliworks Corporation Berhad (Taliworks) and the Employees Provident Fund (EPF) with a 37.5% stake each. The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned...


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MARC has affirmed its AA-IS rating on Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) issuance of RM210.0 million Sukuk Murabahah. The outlook on the rating is stable. Grand Sepadu is the concessionaire of the New North Klang Straits Bypass (NNKSB) expressway until 2032. The 17.5km expressway has four toll plazas namely Kapar, Kapar Westbound, Kapar Eastbound and Bukit Raja. Grand Sepadu is indirect...


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MARC has assigned a rating of AA-IS to Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) issuance of RM210.0 million Sukuk Murabahah (sukuk). The outlook on the rating is stable. The proceeds from the issuance will be mainly utilised to facilitate the roll-over of Grand Sepadu’s existing bridging loan of RM200 million that was taken to part-finance the acquisition of assets and concession rig...


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