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RAM reaffirms PLUS sukuk ratings
by hlk Wed 20 Jul 2011, 13:42
PETALING JAYA: RAM Ratings has reaffirmed the AAA ratings of toll concessionaire PLUS Expressways Bhd’s RM12.72bil Sukuk Musharakah programme.
In a statement yesterday, RAM said all the long-term ratings have a stable outlook, and pointed out that last year, traffic flow on the expressways operated by PLUS jumped 7.7% year-on-year to 16,228 million passenger car units km. “For this year, we expect the expressways’ combined traffic volume to rise 3% year-on-year; Malaysia’s real gross domestic product growth is projected to be 5.6%,” it said in a statement yesterday.
PLUS’s debt-servicing ability is expected to remain strong throughout the tenures of the Sukuk Musharakah, as reflected by its robust minimum finance service cover ratio of 2.25 times on principal repayment dates.
In a statement yesterday, RAM said all the long-term ratings have a stable outlook, and pointed out that last year, traffic flow on the expressways operated by PLUS jumped 7.7% year-on-year to 16,228 million passenger car units km. “For this year, we expect the expressways’ combined traffic volume to rise 3% year-on-year; Malaysia’s real gross domestic product growth is projected to be 5.6%,” it said in a statement yesterday.
PLUS’s debt-servicing ability is expected to remain strong throughout the tenures of the Sukuk Musharakah, as reflected by its robust minimum finance service cover ratio of 2.25 times on principal repayment dates.
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