MARC Affirms BEWG’s MYR 400.0 Million Sukuk Wakalah Rating at AAIS

Malaysian Rating Corporation (MARC) has affirmed the rating of BEWG (M)’s (BEWG) MYR 400.0 million Sukuk Wakalah at AAIS, with a Stable Outlook.

BEWG, a wholly-owned subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), is a water treatment company located in Malaysia that was awarded a contract by the Terengganu State Government to restore and upgrade the Kemaman Water Project. After completion of the project, BEWG will be paid a total of MYR 686.9 million as a deferred payment over a five-year period, MARC noted.

The rating reflects the credit strength of BEWGL, which has provided a corporate guarantee on BEWG’s Sukuk obligations during the co...