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MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS' standalone rating and reflects the irrevocable and unconditional Letter of Undertaking (LoU) from the government that would cover any cash shortfall...
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MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS' standalone rating of AA. The uplift is supported by the irrevocable and unconditional Letter of Undertaking (LoU) provided by the government through...
This article has been viewed 385 times.
MARC Ratings has withdrawn its rating of AAAIS on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme (Sukuk Programme). The rating action follows the completed exchange — on like-for-like terms — of the outstanding RM17.2 billion under the Sukuk Programme on December 23, 2022, with notes issued under PLUS’ new Islamic Medium-Term Notes Programme (IMTN Pro...
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MARC Ratings has assigned a final rating of AAAIS(s) to Projek Lebuhraya Usahasama Berhad’s (PLUS) proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM25.2 billion. The rating carries a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft document...
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MARC Ratings has assigned a preliminary rating of AAAIS(s) to Projek Lebuhraya Usahasama Berhad’s (PLUS) proposed Islamic Medium-Term Notes Programme (IMTN) of up to RM25.2 billion. The rating agency has concurrently affirmed its AAAIS rating on the outstanding RM17.2 billion under PLUS’ existing Sukuk Musharakah programme. All ratings carry a stable outlook. Of the proposed IMTN, RM17.2 ...
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MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme with a stable outlook. The outstanding currently stands at RM17.9 billion.The rating benefits from a two-notch uplift to PLUS’ standalone rating to reflect our view of strong government linkages exhibited in the interdependence between default events for the rated sukuk and...
This article has been viewed 660 times.
MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme, concurrently removing the rating from MARCWatch Developing where it had been placed since January 24, 2020. The rating outlook is stable. The rating action is premised on MARC’s view that as long as the protracted negotiations between the government and the toll conce...
This article has been viewed 796 times.
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, ne...
This article has been viewed 870 times.
MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. This rating action follows from the previous rating actions in January and April 2020. The MARCWatch extension continues to reflect the pending outcome of the ongoing negotiations on toll restructuring between the toll concessionaire and the government.Th...
This article has been viewed 824 times.
MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. This rating action follows from the initial rating action in January 2020 which placed PLUS’ sukuk programme on watch. The sukuk programme carried a AAAIS/Stable rating prior to the MARCWatch placement which was precipitated by a government an...
This article has been viewed 959 times.