Jimah Energy Ventures’ Senior Islamic Medium-Term Notes Facility has AA3/Stable Rating Reaffirmed by RAM Ratings

The AA3/Stable rating of Jimah Energy Ventures’ (JEV) MYR 4.85 billion Senior Islamic Medium-Term Notes (IMTN) Facility (2005/2025) has been reaffirmed by RAM Ratings (RAM), based on the expectation that the company’s performance will remain satisfactory whilst generating solid cashflows.

According to RAM, JEV has seen the operations at its power plant improve during the period of review, with the plant’s rolling 365 unscheduled outage rate easing to 3.51% and 1.40%, at the end of December 2019 and August 2020, respectively. This remains well within the PPA’s required unscheduled outage limit of 6.0%.

Despite some cash outflows anticipated, including an MYR 50.0 million dividend distribution planned for fiscal year December 2020, RAM notes tha...