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MARC has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) respectively. The outlook on both ratings is stable. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinate position to the...
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MARC has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) respectively. The outlook on the ratings is stable. The affirmed ratings take into consideration the satisfactory traffic performance of Kesturi’s 18-kilometre (km) Duta-Ul...
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MARC has withdrawn its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) respectively upon full early redemption of the outstanding notes.The outstanding Senior Sukuk and Junior Bonds were fully refinanced with new issuances under a RM2.3...
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MARC has assigned final ratings of AA-IS and A- to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) Islamic Medium Term Notes Programme (Sukuk Musharakah or Senior Sukuk) and Redeemable Secured Junior Bonds (Junior Bonds) of up to RM2.3 billion and RM180.0 million respectively. The outlook on the ratings is stable.Upon review of the final documentation of the forthcoming issuance, MARC is...
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MARC has assigned preliminary ratings of AA-IS and A- to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed issuances of up to RM2,300 million in nominal value Islamic medium term notes programme (Sukuk Musharakah or Senior Sukuk) and RM180 million redeemable secured junior bonds (Junior Bonds) due 2034, respectively. The rating outlook is stable. Kesturi is the concession holder o...
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MARC affirms its ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) at AA-IS and A- respectively. The outlook for both ratings is maintained at stable.The affirmed ratings reflect the satisfactory growth of traffic volume on Kesturi’s toll ...
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MARC has affirmed its ratings on Konsortium Lebuhraya Utara – Timur (KL) Sdn Bhd’s (Kesturi) RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) at AA-IS and A- respectively. The outlook for both ratings is maintained at stable.The ratings reflect adequate growth in vehicle traffic on the strategically locate...
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MARC has withdrawn its rating of A+ID on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM780.0 million nominal value redeemable secured serial Sukuk Istisna (Sukuk Istisna). The rating withdrawal follows the completion of the Sukuk Istisna buyback and full redemption of the outstanding sukuk on October 28, 2010, as confirmed by the facility agent CIMB Investment Bank Berhad. ...
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MARC has assigned ratings of AA-IS and A- to expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed new issuances of up to RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) respectively. The outlook on both ratings is stable. The proposed issuances will be used to redeem Kesturi&rs...
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MARC has issued this update as part of its ongoing monitoring of the progress on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) refinancing of its outstanding RM780 million Sukuk Istisna. MARC’s last rating update on the Sukuk was issued on September 3, 2010 while MARC’s A+ID rating on the Sukuk was affirmed on January 18, 2010 with a developi...
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