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Flash Note – MRCB (BUY, maintain) - Sukuk issues debt rating outlook upgraded




Affin Hwang Investment Bank Bhd


20 Dec 2012





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MRCB Southern Link’s debt rating outlook upgraded to positve In a statement yesterday, RAM Rating Services Bhd announced that the debt rating outlook for MRCB Southern Link’s RM845m secured senior sukuk and RM199m junior sukuk have been upgraded from negative to positive. The statement added that the upgrade is premised on the government’s commitment to implement an interim solution to ease MRCB Southern Link’s liquidity position pending the finalisation of the proposed buyout of the EDL by the government. The company confirmed that its cash holdings have been boosted to RM109m from RM21m in November 2012. It is therefore able to meet the RM31m and RM10m profit payments on the senior and junior sukuk respectively on 24 December 2012.

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