| Bernama] MARC has removed its “A”is rating on Matang Highway Sdn Bhd’s RM70.0 million Sukuk Musharakah from MARCWatch Negative. The outlook on the “A”is rating is stable pending the full redemption of the outstanding Sukuk on its maturity date. The MARCWatch Negative had been placed on Dec 13, 2010 to highlight a potential shortfall and departure from the schedule build up of sinking fund. Matang is a wolly-owned SPV for Zecon Bhd and its payment obligations under the fully-amortising Sukuk are primarily funded by progress payments collected from the Sarawak Public Works Department under a turnkey contract to construct a highway linking Kuching City to the state’s new federal administrative centre. |
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