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Wednesday, 22 July 2015

Malaysia: West Coast’s proposed RM1b sukuk rated AAA by RAM

KUALA LUMPUR, July 21 — RAM Ratings has assigned “AAA(bg/fg)/Stable” rating to the proposed guaranteed RM1 billion Sukuk Murabahah Programme to be issued by West Coast Expressway Sdn Bhd (West Coast).
The rating reflects irrevocable and unconditional Kafalah from AAA-rated Bank Pembangunan Malaysia Bhd and Danajamin Nasional Bhd, which enhance the sukuk’s ratings beyond West Coast’s stand-alone credit strength.
The proposed sukuk, a syndicated term-loan facility, a government support loan and shareholders’ equity, will fund the West Coast Expressway, said the rating agency in a statement here today.
The 316-km highway, from Banting, Selangor, to Changkat Jering in Taiping, will be the second longest inter-state tolled expressway after the North-South Expressway.
It is budgeted for completion within five years at a cost of RM5 billion.
(Malay Mail Online / 21 July 2015)
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