MARC Affirms Grand Sepadu’s MYR 210 Million Sukuk AA-IS Rating; Outlook Revised to Stable

Malaysia Rating Corporation (MARC) has affirmed its AA-IS rating on Grand Sepadu’s MYR 210.0 million Sukuk Murabahah, while revising the rating outlook to Stable from Negative.

According to MARC, the revised outlook took into consideration the sizeable decline of uncertainties pertaining to Grand Sepadu’s collection of toll compensation from the Government of Malaysia since 2018. Compensation for 2018 had been received last year, while half of 2019’s compensation was received so far, with collections back to their regular cycle.

The AA-IS rating affirmation reflects Grand Sepadu’s 17.5 km New North Klang Straits Bypass, which is considered a mature asset with...