SDEBStandard Data Element-Based
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Since MARC's last rating action in February 2013, the legal action taken by the toll road contractor, Ranhill Engineers and Construction Sdn Bhd (REC), to recover construction cost overruns from SDEB remains unresolved.
In 6MFY2013, SDEB incurred sizeable pre-tax losses of MYR 98.
The negative outlook reflects the likelihood of further negative rating action over the next 12 months in the event SDEB fails to make sufficient progress on its debt restructuring efforts and/or SDEB experiences further credit deterioration which warrants a lowering of the ratings.