Nevertheless, the risk in this regard is alleviated to a large extent by a joint-and-several undertaking from ProHAWK's shareholders to IMTN
holders to fund any shortfall in costs during the construction period.
The rating action, effective immediately, results from the early redemption of the IMTN
programme on 29 November 2011, the analysts said.
CIMB Investment, RHB Investment Bank Bhd and Bank of Tokyo Mitsubishi UFJ (M) Bhd are joint lead managers to the first IMTN
The enhanced rating reflects an irrevocable and unconditional guarantee extended by Danajamin Nasional Berhad (rated AAA/stable/P1), which enhances the credit standing of the IMTN
beyond Puncak Wangi's credit strength.
0 billion under the rated IMTN
programme is due in November 2016, which could be refinanced upon maturity.
Through an irrevocable and unconditional purchase undertaking, the Sukuk holders are effectively exposed to UEM's credit risk, as reflected in the rating of the IMTN
7m) senior MUNIF/IMTN
and MYR8m junior IMTN
66 million on the last principal repayment date of the Senior IMTN
(12 November 2015).
RAM's analysis of BGSM Management continues to focus on the credit fundamentals of Maxis, given that the latter is the Company's only source of cashflow to service its financial obligations under the IMTN
Any changes in the credit profile of the guarantor would bring similar action on the IMTN
The rating reflects the irrevocable and unconditional financial guarantee extended by Danajamin Nasional Berhad (rated AAA/Stable/P1 by RAM), which enhances the credit profile of the IMTN
beyond Mydin Holdings' stand-alone credit risk.
The financial guarantee enhances the credit standing of the IMTN
beyond Puncak Wangi's credit profile.