MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook.The affirmed rating is mainly driven by Sports Toto’s entrenched domestic market position as a number forecast operator (NFO) with the largest number of outlets in the country. We note that despite the recurrence of mandatory ...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme ending in 2032. The rating carries a stable outlook. Sports Toto’s ability to generate healthy cash flow as a number forecast operator (NFO) in the domestic gaming sector, its lengthy track record and its entrenched market position in the oligopolis...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme. The rating carries a stable outlook. The affirmed rating is primarily driven by Sports Toto’s strong and steady cash flow generation and its entrenched market position in the domestic number forecast operator (NFO) gaming sector. The key moderating fac...

MARC has withdrawn its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 10-year Medium-Term Notes (MTN) Programme. The rating withdrawal follows the early cancellation of the programme, ahead of its expiration on June 30, 2020, as confirmed by the facility agent on July 8, 2019.  The...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million 10-year Medium-Term Notes Programme (MTN-1) and RM800.0 million 15-year Medium-Term Notes Programme (MTN-2). The rating carries a stable outlook. The combined outstanding amount under the programmes, which cannot exceed RM800 million at any time, stood at RM745.0 million as at end-August 2018. ...

MARC has assigned a final rating of AA- to Sports Toto Malaysia Sdn Bhd’s (Sports Toto) proposed RM800.0 million 15-year Medium-Term Notes Programme (MTN-2). The outlook on the rating is stable. Upon review of the final documentation of the proposed issuance, MARC is satisfied that the terms and conditions of the MTN-2 Programme have not changed in any material way from the draft documenta...

MARC has assigned a preliminary rating of AA- to Sports Toto Malaysia Sdn Bhd’s (Sports Toto) proposed RM800.0 million 15-year Medium-Term Notes Programme (MTN-2). Concurrently, the rating agency has affirmed its AA- rating on Sports Toto’s existing RM800.0 million 10-year Medium-Term Notes Programme (MTN-1) which will expire in June 2020. The outlook on the ratings is stable. The drawdo...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million Medium-Term Notes Programme (MTN) with a stable outlook. The rating is primarily driven by Sports Toto’s strong and steady cash flow generation and its entrenched market position in the oligopolistic domestic gaming industry. Constraining rating factors are regulatory risk due to a periodic gam...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million Medium-Term Notes Programme (MTN) with a stable outlook. The rating is primarily driven by Sports Toto’s strong cash flow generation from its Numbers Forecasting Operations (NFO) and its entrenched market position in the domestic gaming industry. The rating is constrained by the periodic licens...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million Medium-Term Note Programme (MTN) with a stable outlook. The affirmed rating reflects Sports Toto’s strong cash flow generation from its Numbers Forecasting Operations (NFO) and entrenched market position in Malaysia’s gaming sector. The rating is moderated by significant regulator...