Major Rating FactorsStrengthsDebt repayment ability supported by reliable dividend stream from SPLASH which exhibits a strong financial profile;Some 70% to 80% of SPLASH’s revenues is derived from capacity charges which promotes revenue stability;Debt service reserve, originally pre-funded to RM35 million, provides insulation against uncertain cash flows; andConsiderable refinancing flexibil...

MARC has affirmed the rating of A+ID with Stable Outlook to Sweetwater SPV Sdn Bhd’s (“SSPV”) RM195 million Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Holdings Berhad (“Splash Holdings”) to upstream dividends to its shareholders, payment of inter...

MARC has assigned an A+ID rating to Sweetwater SPV Sdn Bhd’s (SSPV) proposed RM195 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) to upstream dividends to its shareholders, payment of interest on the loan stocks or loan stock redemption because these cashflows wi...