SPECIAL PORT VEHICLE BHD - 2017 Credit Commentary Report

MARC has affirmed its AAA rating on Special Port Vehicle Berhad’s (SPVB) asset-backed serial bonds facility and concurrently revised the outlook to stable from negative.

The rating action is premised on the sufficient amount in SPVB’s designated accounts to meet the RM180.0 million upcoming final principal repayment of Series 11 bond due on July 28, 2017. The designated accounts balance stood at RM229.95 million following the receipt of the final deferred repayment obligation of RM179.63 million from Port Klang Authority (PKA) on June 30, 2017. The deferred repayment obligation is as per the Sale and Purchase Agreement (SPA) signed between the project originator, Kuala Dimensi Sdn Bhd and PKA in November 2002 for the purchase of 999.5 acres of land at Pulau Indah for the Port Klang Free Zone (PKFZ) project.

MARC will withdraw SPVB’s rating upon the bond’s redemption on July 28, 2017.