Friday, Oct 23, 2020
MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. The MARCWatch extension continues to reflect the pending outcome of the ongoing negotiations on toll restructuring between the toll concessionaire and the government. Negotiations between the parties have dragged on for longer than expected.
MARC, nevertheless, aims to resolve the MARCWatch placement on PLUS by end-November 2020 upon completion of the ongoing review. Meanwhile, MARC’s assessment indicates no pressure on PLUS’ debt-servicing ability in the immediate term. The amount outstanding under PLUS’ rated Sukuk Musharakah programme currently stands at RM18.4 billion. As at end-September 2020, the company has RM2.92 billion in cash, which is sufficient to meet its profit payments and principal repayments totalling RM1.97 billion due in 2021. The sukuk programme carried a AAAIS /Stable rating prior to the MARCWatch placement.
Contacts:
MARC, nevertheless, aims to resolve the MARCWatch placement on PLUS by end-November 2020 upon completion of the ongoing review. Meanwhile, MARC’s assessment indicates no pressure on PLUS’ debt-servicing ability in the immediate term. The amount outstanding under PLUS’ rated Sukuk Musharakah programme currently stands at RM18.4 billion. As at end-September 2020, the company has RM2.92 billion in cash, which is sufficient to meet its profit payments and principal repayments totalling RM1.97 billion due in 2021. The sukuk programme carried a AAAIS /Stable rating prior to the MARCWatch placement.
Contacts:
Lim Wooi Loon, +603-2717 2943/ wooiloon@marc.com.my;
Hafiza Abdul Rashid, +603-2717 2955/ hafiza@marc.com.my.