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Sukuk.me: RAM Ratings Reaffirms Project Lintasan Shah Alam's Sukuk |
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KUALA LUMPUR, Oct 8 (Bernama) -- RAM Ratings has reaffirmed the ratings of Project Lintasan Shah Alam's (PLSA) RM330 million Sukuk Ijarah and RM415 million Sukuk Mudarabah with a stable outlook.
PLSA is the concessionaire for the 14.7 km Lebuhraya Kemuning-Shah Alam (LKSA) in Selangor, which is under construction and slated for completion by the end of this year.
In a statement here on Thursday, RAM Ratings said the ratings of the sukuk issues reflect the benefits of a ready catchment area within the established confines of Shah Alam and this will drive the LKSA's near-term traffic growth.
Longer-term growth potential, meanwhile, will emanate from new developments such as the 1,235-acre Alam Impian township and the 192-acre TTDI mixed-development project.
"Nonetheless, we caution that slower-than-anticipated take-up and occupancy rates in these townships could affect the LKSA's longer-term traffic volume , resulting in a weaker-than-expected cash-generating capacity for the concessionaire," the rating firm said.
In the meantime, the ratings are also supported by the company's projected debt-servicing ability, well-structured debt-repayment profile and relatively tight financing covenants.
Source: Bernama.com
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