MARC Affirms AA-IS Rating of Kesturi’s MYR 2.3 Billion Senior Sukuk Musharakah

Malaysian Rating Corporation (MARC) has affirmed its AA-IS ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn’s (Kesturi) MYR 2.3 billion Sukuk Musharakah (Senior Sukuk), with a Stable Outlook. The ratings agency has also affirmed Kesturi’s MYR 180 million Redeemable Secured Junior Bonds at A- with a Stable Outlook, with the difference between the Senior Sukuk and the Junior Bonds ratings reflecting the latter’s subordination to the ranking and payment priority of the Senior Sukuk.

Kesturi, a Malaysian-based transportation infrastructure developer, operates two highways in the country including the 18 km DUKE Phase 1 which links eastern and western Kuala Lumpur, and Duke Phase 2 which is made up of...