Rating action         MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating at AAIS with a stable outlook.RationaleBEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In November 2015, it won the Terengganu state government’s contrac...

Rating action     MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating at AAIS with a stable outlook. BEWG is a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL) and was set up to undertake water and sewerage projects in Malaysia.Rationale     The rating incorporates the credit strength of the Tere...

Rating action      MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.Rationale     BEWG, a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In 2015, it secured the Terengganu state government’s co...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.BEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In 2015, it was awarded by the Terengganu state government a design-and-build contract to refurbish and upgrade water treatment ...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. BEWG is wholly-owned by Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is an associate company of Beijing Enterprises Holding Limited, a state-owned entity of the Beijing municipal government. The rating reflects the unconditional and irrevocab...

MARC has affirmed its rating of AAIS on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. The affirmed rating incorporates a one-notch rating uplift based on the credit strength of BEWG’s parent Beijing Enterprises Water Group Limited (BEWGL), which has provided an unconditional and irrevocable corporate guarantee during the construction phase of the water tr...

MARC has affirmed its rating of AAIS on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook. The rating is underpinned by the credit strength of the Terengganu state government which will provide periodic payments under a deferred payment structure upon completion of a water treatment project in the state. The rating also incorporates a one-notch rating uplift based on t...

MARC has assigned a final rating of AAIS to BEWG (M) Sdn Bhd’s (BEWG) eight-year RM400 million Sukuk Wakalah with a stable outlook. BEWG is a wholly-owned indirect subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is a subsidiary of Beijing Enterprises Holding Limited (BEHL), a state-owned company involved in water, sewerage and natural gas operat...