MARC has affirmed the AA-(bg) and AA-ID rating on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM365 million Bank Guaranteed Serial Fixed Rate bonds (BG Bonds) and RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively. The ratings outlook is stable for both facilities. The rating on the BG Bonds reflects the strength of the lowest financial institution ratin...

MARC has affirmed the AA-(bg) and AA-ID ratings of highway concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM365.0 million Bank Guaranteed Serial Fixed Rate bonds (BG Bonds) and RM510.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively (collectively known as the Facilities). The ratings carry a stable outlook. The affirmed rating on the BG Bonds re...

Major Rating FactorsStrengthsDemonstrated willingness and ability of shareholders to extend timely financial support;Favourable long-term fundamentals of the SPRINT highway;Financial flexibility to defer debt service on loan stock issued to SPRINT Holdings; andStrong covenant package in respect of rated facilities.Challenges/RisksProject has incurred pre-tax losses since FY2004;Thin CFO interest c...

MARC has affirmed a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“BaIDS”). Concurrently, we affirmed the rating of the Revolving Underwritten Facility of up to RM125 million to MARC-1. SPRINT is the concessionaire of the SPRINT Highway comprising the Damansara Link, th...

MARC has assigned a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) proposed RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“Restructured BaIDS”) to restructure the existing RM510 million Al-Bai Bithaman Ajil Islamic Debt Securities issued in August 2001 (“BaIDS 2001”). Concurrently, we have reaffirmed the...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) and the short term rating of the Revolving Underwritten facility (RUF) have been reaffirmed at A-ID and MARC-2 respectively. However, the rating of the Bank Guaranteed Serial Fixed Rate Bonds has been upgraded to A+(bg) based on the A+ rating given to the consortium of banks providing t...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) and the short term rating of the Revolving Underwritten facility (RUF) have been reaffirmed at A-ID and MARC-2 respectively. However, the rating of the Bank Guaranteed Serial Fixed Rate Bonds has been upgraded to A based on the A rating given to the consortium of banks providing the un...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) has been downgraded to A –ID. The issuer’s stand alone debt rating is, in the meantime, equivalent to the lowest rating of the banks in the consortium of guarantors (weak-link approach). As the bank guaranteed (bg) rating does not enhance or give a favourable effect to the iss...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) bank guaranteed bonds of ‘A’ is the same as the project’s stand-alone long-term debt rating notwithstanding unconditional and irrevocable guarantees provided by a consortium of banks as to the timely payment of interest and principal due on the bonds. MARC evaluated the credit enhancement provided by the ba...