Credit Analysis Reports
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Rating action     MARC has affirmed its BBB-IS rating for Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) and revised the outlook to negative from stable.Rationale     SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and De...


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MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway to Pasir Gudang.The rating considers the accommodative am...


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Popularity: 755 views 71 downloads
MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor which links the towns of Senai and Desaru with a connecting highway to Pasir Gudang. The rating incorporates SDEB’s ac...


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Senai-Desaru Expressway Berhad’s (SDEB) sukuk rating has been on MARCWatch Developing since May 30, 2018. The placement follows the increased near-term uncertainty pending full clarity on the new government’s exact plans to deliver on its pre-election commitment of scrapping toll road charges. MARC will seek to resolve the MARCWatch Developing status once there is more clarity on the abolitio...


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Popularity: 864 views 52 downloads
MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (MTN) Programme (sukuk programme) with a stable outlook. SDEB is the concessionaire of a 77km tolled inter-urban expressway (E22) between Senai and Desaru with a connecting highway to Pasir Gudang. The affirmed rating incorporates SDEB’s improved cash flow generation on...


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Popularity: 1022 views 19 downloads
MARC has affirmed its rating of BBB-IS on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. The rating incorporates the improving traffic volume on the expressway and the accommodative payment structure under the programme which provides SDEB with headroom to improve its cash flow coverages. Under the Rest...


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Popularity: 1331 views 31 downloads
MARC has affirmed its rating of BBB-IS on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. The affirmed rating reflects Senai-Desaru Expressway’s (SDE) satisfactory traffic performance in line with revised projections, and SDEB’s improved cash flow coverage from the accommodative amortisation sc...


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Popularity: 1420 views 143 downloads
MARC has assigned a rating of BBB-IS to Senai-Desaru Expressway Berhad’s (SDEB) Islamic Medium-Term Notes (Restructured Sukuk) Programme of up to RM1.89 billion in nominal value with a stable outlook. The tenure of the Restructured Sukuk is at least 24 years and up to 39 years from the issuance date with the programme expiring before July 17, 2053. No proceeds will be raised under the Restructur...


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MARC has downgraded its ratings on Senai-Desaru Expressway Berhad's (SDEB) RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme to BBB+IS and BBIS from A+IS and A-IS respectively. Concurrently, MARC has removed the ratings from MARCWatch Negative where it had been ...


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Popularity: 1227 views 192 downloads
MARC has affirmed its ratings of A+IS and A-IS on Senai-Desaru Expressway Berhad's (SDEB)  RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme. SDEB, a 70:30 joint-venture between Rancak Bistari Sdn Bhd and Johor state-owned YPJ Holdings Sdn Bhd, is the conce...


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