Malaysian Rating Corporation Bhd (MARC)has assigned a final rating of "AAAis" with a stable outlook to Projek Lebuhraya Usahasama Bhd's (PLUS Bhd) RM23.35 billion sukuk musharakah programme.
In a statement, MARC said it was satisfied with the terms and conditions of the programme upon reviewing the final documentation for Plus Bhd's forthcoming notes issuance.
"The terms and conditions of the programme have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAis was based," it said.
On Dec 5, MARC assigned a preliminary "AAAis" rating to PLUS Bhd's proposed sukuk musharakah programme reflecting the rating agency's assumption that the issuer would maintain finance service cover ratios levels and its strong links with the government.
The proposed senior secured sukuk will be issued in two series and the proceeds from Series 1 will be used to part-finance the acquisition while that from the series 2 will be used to finance RM2.35 billion of the planned capital spending for highways over the next five years. -- BERNAMA
In a statement, MARC said it was satisfied with the terms and conditions of the programme upon reviewing the final documentation for Plus Bhd's forthcoming notes issuance.
"The terms and conditions of the programme have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAis was based," it said.
On Dec 5, MARC assigned a preliminary "AAAis" rating to PLUS Bhd's proposed sukuk musharakah programme reflecting the rating agency's assumption that the issuer would maintain finance service cover ratios levels and its strong links with the government.
The proposed senior secured sukuk will be issued in two series and the proceeds from Series 1 will be used to part-finance the acquisition while that from the series 2 will be used to finance RM2.35 billion of the planned capital spending for highways over the next five years. -- BERNAMA
