MARC Affirms AAAIS Rating on PLUS’ USD 5.5 Billion Sukuk Musharakah Programme; Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed Malaysia-based Projek Lebuhraya Usahasama Berhad's (PLUS) MYR 23.35 billion (USD 5.5 billion) Sukuk Musharakah Programme with a Stable Outlook. The outstanding stands at MYR 17.9 billion (USD 4.3 billion).

Ratings Rationale

The rating benefits from a two-notch increase to PLUS’ standalone rating to reflect MARC’s view of robust government linkages shown in the interdependence between default events for the rated Sukuk and the MYR 11.0 billion (USD 2.6 billion) government-guaranteed Sukuk maturing after the rated programme. In addition, the government’s golden share and indirect major shareholding in PLUS further supports MARC’s view. PLUS’ standalone rating reflects its h...