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MARC has withdrawn its rating of AIS on Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah with immediate effect. The rating withdrawal follows the redemption of the final tranche of RM15.0 million Sukuk on May 27, 2011 and cancellation of the facility, as confirmed by the trustee, KAF Trustee Berhad.Contacts: Sandeep Bhattacharya, +603-2090 2247 / sandeep@marc.com.my; Jason K...
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MARC has removed its AIS rating on Matang Highway Sdn Bhd's (Matang) RM70.0 million Sukuk Musharakah (Sukuk) from MARCWatch Negative where it had been placed on December 13, 2010 to highlight a potential shortfall and departure from the scheduled build up of sinking fund. Matang is a wholly-owned single-purpose funding vehicle of Zecon Berhad (Zecon). Its payment obligations under the fully-amorti...
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MARC continues to maintain Matang Highway Sdn Bhd's (Matang) AIS rating for its RM70.0 million Sukuk Musharakah on MARCWatch Negative where it was placed on December 13, 2010.Subsequent to MARC's last rating action, the rating agency was notified by the sukuk trustee on December 15, 2010 that Matang had been granted a cure period until December 31, 2010, to remedy the RM0.69 million shortfall in i...
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MARC has placed its AIS rating on Matang Highway Sdn Bhd's (Matang) RM70.0 million Sukuk Musharakah on MARCWatch Negative. The rating action affects RM15.0 million of outstanding Sukuk. Matang is a wholly-owned single-purpose funding vehicle of Zecon Berhad (Zecon). Its payment obligations under the fully-amortising Sukuk are primarily funded by progress payments collected from JKR Sarawak under a...
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MARC has downgraded its rating on Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah issuance to AIS from AA-IS and concurrently removed the rating from MARCWatch Negative where it was first placed on August 6, 2009. The rating outlook is negative. The rating actions reflect the tight liquidity of Matang as a result of the knock-on consequences of construction delay in Matang&...
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MARC continues to maintain Matang Highway Sdn Bhd’s (Matang) AA-IS rating on its RM70.0 million Sukuk Musharakah issuance on MARCWatch Negative where it had been placed since August 6, 2009. The rating was originally placed on MARCWatch Negative to highlight MARC’s concerns over the delay in Matang’s second phase of construction of the Matang Route Project (Revised Matang Route o...
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MARC has placed its rating of AA-IS on Matang Highway Sdn Bhd’s (Matang) RM70.0 million sukuk Musharakah issuance on MARCWatch Negative. The MARCWatch Negative placement highlights that Zecon has fallen behind schedule in the second phase of construction of the Matang Route Project for Jabatan Kerja Raya Sarawak (JKR Sarawak). Matang services its obligations under the rated sukuk with progre...
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MARC has assigned the rating of AA-IS to Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah (the Sukuk). The outlook for the rating is stable. Matang is a wholly-owned subsidiary of Zecon Berhad (Zecon), established with a single purpose to undertake the issuance of the Sukuk. The proceeds from the Sukuk will be utilized to refinance Zecon’s existing debts and to finance...
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