BAIDSBithaman Ajil Islamic Debt Securities
BAIDSBangladesh AIDS Information and Documentation Services (Rajshahi, Bangladesh)
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Although not an outright guarantee, the document states that the State Government will ensure - either through equity, loans, grants and/or other means - that PIYSB fully and promptly meets its financial obligations under the BaIDS throughout the tenure of the facility.
After the BaIDS repayment, MARC's coverage on Antara is limited to the company's MYR300m Guaranteed Islamic Securities (GIS) programme, the service added.
The A+ rating on the BaIDS is underpinned by the adequacy of SPRINT's actual and projected cash flow from its relatively matured highways to meet the debt service obligations.
The rating action affects MYR20m of BaIDS outstanding and MYR20m of notes issued under the MUNIF/MMTN programme.
The guarantee enhances the credit profile of the BaIDS beyond LKPP's stand-alone credit strength.
The rating action concerns MYR155m (USD50.8m/EUR36m) of outstanding BaIDS issued by Optimal Glycols and MYR185m of outstanding BaIDS issued by Optimal Chemicals.
PJH has demonstrated support by injecting MYR 44.2 million via shareholder advances to meet the MYR 50 million principal redemption of Tranche 3 BaIDS in December 2009.
The listing covers MYR40m of outstanding BaIDS and MYR20m of MUNIF/MMTNs.
MARC has assessed a high probability of support from the SSG by taking into account the state government's continuing commitment to KPA in accordance with the letter of support issued in respect of the BaIDS. In this regard, KPA is assured of access to bank credit facilities to cover any shortfalls to meet scheduled BaIDS redemptions.
"The affirmed rating on the BaIDS currently balances the past record of financial support from SPRINT's shareholders and overall growth in traffic volumes on the SPRINT highway against the highway operator's poor profitability.
"The rating reflects our view that PIYSB's debt-servicing ability in respect of the BaIDS remains substantially enhanced by a strongly-worded Letter of Support (LoS) from its shareholder, the Selangor State Government (the State Government).
Going forward, the company is expected to generate an annual pre-financing cashflow of around MYR96.5m for the remaining tenure of the BaIDS, translating into a FSCR (without cash balances) of 1.59 times in fiscal 2011.