MARC Affirms AA-IS Rating of Konsortium KAJV’s MYR 1.0 Billion Sukuk Wakalah Programme, Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed the AA-IS rating of Konsortium KAJV’s (KAJV) MYR 1.0 billion Sukuk Wakalah Programme with a Stable Outlook, according to a recent statement.

KAJV, a Malaysian water utility line construction services company, is in charge of the Kuala Terengganu Utara (KTU) water supply project for the Terengganu State Government. The KTU project entails the construction of a 120-million litres per day (MLD) water treatment plant (WTP) and a 28-MLD membrane WTP, as well as rehabilitating five existing WTPs in Kuala Terengganu.

MARC’s rating of the Sukuk Wakalah reflects the credit profile of the Terengganu State Government to meet payment...