MARC Ratings has withdrawn its rating of AAIS/Stable on BEWG (M) Sdn Bhd’s RM400.0 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The outstanding under the facility was settled in full on September 14, 2023. The facility was subsequently cancelled on September 15, 2023, as confirmed by the facility agent, ahead of its maturity on July 18, 2025. Accordingly, MARC Ratings will no lon...

MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating of AAIS with a stable outlook.BEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In November 2015, it won the Terengganu state government’s contract to refurbish and upgrade water treatment and distribut...

MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating of AAIS  with a stable outlook.BEWG is a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL), principally involved in the water treatment and distribution facilities project in Kemaman for the Terengganu state government.The rating incorporates the credit strength of the T...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s RM400.0 million Sukuk Wakalah with a stable outlook. Outstanding sukuk currently stands at RM190.0 million.The Sukuk Wakalah was raised to part fund the Kemaman water project for the Terengganu state government. The project was aimed at refurbishing and upgrading water treatment and distribution facilities in Kemaman, Terengganu and was und...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook. BEWG is a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL) and was awarded a design-and-build contract to refurbish and upgrade the Kemaman Water Project by the Terengganu state government. Upon completion of the project, BEWG will be entitled t...

MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. BEWG is wholly-owned by Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is an associate company of Beijing Enterprises Holding Limited, a state-owned entity of the Beijing municipal government. The rating reflects the unconditional and irrevocab...

MARC has affirmed its rating of AAIS on BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah with a stable outlook. The affirmed rating incorporates a one-notch rating uplift based on the credit strength of BEWG’s parent Beijing Enterprises Water Group Limited (BEWGL), which has provided an unconditional and irrevocable corporate guarantee during the construction phase of the water tr...

MARC has affirmed its rating of AAIS on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook. The rating is underpinned by the credit strength of the Terengganu state government which will provide periodic payments under a deferred payment structure upon completion of a water treatment project in the state. The rating also incorporates a one-notch rating uplift based on t...

MARC has assigned a final rating of AAIS to BEWG (M) Sdn Bhd’s (BEWG) RM400.0 million Sukuk Wakalah (Sukuk Wakalah). 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 Sukuk Wakalah have not changed in any material way from the draft documentation on which the earlier preliminary ratin...

MARC has assigned a preliminary rating of AAIS to BEWG (M) Sdn Bhd’s (BEWG) 8-year RM400 million Sukuk Wakalah with a stable outlook. BEWG is a wholly-owned indirect subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is a subsidiary of Beijing Enterprises Holding Limited (BEHL), a state-owned company involved in water, sewerage and natural gas oper...