MARC Affirms Cerah Sama’s MYR 420 Million Sukuk With a AA-IS Rating; Outlook Stable

https://islamicmarkets.com/articles/marc-affirms-cerah-sama-s-myr-420-million-sukuk-with-a
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Cerah Sama (CS), the investment holding company of Grand Saga (concessionaire of the Cheras-Kajang Highway), has its MYR 420 million Sukuk’s AA-IS rating affirmed by Malaysian Rating Corporation (MARC).

This rating is driven by expectations of CS’ stable top-line and cash flows, robust cash reserves, and the flexible repayment structure of its Sukuk. The rating is moderated by CS’ leveraged capital structure (4.2x debt-to-equity at the end of 2019), caused primarily by sizeable dividend payments.

MARC’s stable outlook on the Sukuk is based on expectations of steady financial and operating performance led by flat-to-modest traffic growth.

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