Rating ActionMARC Ratings has assigned a rating of AAAIS(s) to Projek Lebuhraya Usahasama Berhad’s (PLUS) proposed Islamic Medium-Term Notes Programme of up to RM25.2 billion (IMTN). Concurrently, the rating agency has also affirmed its AAAIS rating on PLUS’ outstanding RM17.2 billion under the Sukuk Musharakah Programme (Sukuk Musharakah). All ratings carry a stable outlook. Of the propo...

Rating action     MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme with a stable outlook. The outstanding currently stands at RM17.9 billion following the redemption of RM500 million in January 2021.We have assessed PLUS’ credit profile in the context of its existing concession agreement (CA) and debt struc...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme, concurrently removing the rating from MARCWatch Developing where it had been placed since January 24, 2020. The rating outlook is stable. The placement on MARCWatch developing was prompted by the uncertainties stemming from the government’s announcement to reduce PLUS...

MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. This rating action follows from the initial rating action in January 2020 which placed PLUS’ sukuk programme on watch. The sukuk programme carried a AAAIS /Stable rating prior to the MARCWatch placement which was precipitated by a government announcemen...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk). Concurrently, the rating outlook has been revised to stable from negative. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-km North-South Expressway (NSE) is its key highway in terms of revenue generation. The outlook revi...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-kilometre (km) North-South Expressway (NSE) is its key highway in terms of revenue generation. The rating affirmation continues to incorporate a two-notch...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS is the toll concessionaire of five major highways in Malaysia, of which the 772-kilometre (km) North-South Expressway (NSE) is its key highway in terms of revenue generation. The rating affirmation continues to incorporate a two-notch...

MARC has affirmed its AAAIS rating on tolled road concessionaire Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS holds a portfolio of tolled expressways, of which the 772-km North-South Expressway (NSE) is its key expressway and main contributor to group revenue. The rating incorporates a two-notch rating uplift from P...

MARC has affirmed the AAAIS rating on tolled road concessionaire Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. The rating affirmation continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating of AA on the basis of support assumption from the Malaysian government with respect to the pro...

MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme (sukuk) with a stable outlook. PLUS Berhad holds a portfolio of tolled expressways, of which the North-South Expressway (NSE) is its largest revenue source.The affirmed rating continues to incorporate a two-notch rating uplift from PLUS Berhad’s standalone rating...