PLSUKE’s A+IS(s) Rating Affirmed with Stable Outlook: MARC 

Malaysian Rating Corporation (MARC) has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang’s (PLSUKE) Sukuk Wakalah Programme of up to MYR 2.0 billion, with a Stable Outlook.

Ratings Rationale:

The rating reflects the credit strength of Projek Lintasan Kota Holdings (PROLINTAS), which provides a completion guarantee to PLSUKE during the construction period, unconditionally and irrevocably. The guarantee covers shortfalls in PROLINTAS’ finance service reserve account (FSRA) and/or finance payment account (FPA).

PROLINTAS has also provided a corporate guarantee on PLSUKE's principal repayments and profit payments vis-à-vis its Senior Facilities — comprising the Sukuk Wakalah, Danajamin-Guarant...