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The reaffirmation of the rating is premised on the Shah Alam Expressway's (the SAE or the Expressway) satisfactorily increasing traffic volumes, underpinned by its strategic alignment and mature profile with an operating history of almost 20 years, which backs the strong debt-servicing aptitude of Kesas.
Kesas is the toll concessionaire for the 35-km SAE, which forms part of the Middle Ring Road two system in the Klang Valley, linking the Kuala Lumpur-Seremban Highway in the east and Pandamaran in the west.
14 October 2010 - RAM Ratings has upheld the AA3 rating with a "stable" outlook on the MYR800m (USD259.5m/EUR184.2m) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) of Malaysian company Kesas Sdn Bhd, which holds the concession for the construction, maintenance and toll collection of the Shah Alam Expressway (SAE).
While Kesas' minimum finance service coverage ratio (FSCR) with cash (post-distribution) is expected to only come up to 1.64 times, the analysts highlight that this is due to the company's lumpy financial obligations of MYR305m in the fiscal year to March 2014.
Should Kesas not be fully compensated with cash under either scenario, our stress analysis indicates that the Company would have to curtail its dividend payout to maintain its debt-servicing ability.
Meanwhile, Kesas' Islamic Medium-Term Notes of up to MYR 735.0 million (2014/2023) is rated AA2/Stable.
Kesas is the toll concessionaire for the 35-km Shah Alam Expressway linking the Kuala Lumpur-Seremban Highway in the east and Pandamaran in the west.
Kesas is the toll concessionaire for the 35-km Shah Alam Expressway (the SAE) linking the Kuala Lumpur-Seremban Highway in the east and Pandamaran in the west.
The assigned rating and rating reaffirmation continue to reflect the SAE's strategic alignment and robust traffic profile as well as Kesas' strong debt-servicing aptitude.
The rating reflects the healthy traffic profile supported by the SAE's strategic alignment as it traverses densely populated areas, and Kesas' strong debt-servicing aptitude.
Kesas is the toll concessionaire for the 35-km Shah Alam Expressway (the Highway) under a concession agreement dated 19 November 1993.
On Kesas, Pua responded by telling critics that compensation will still have to paid out to the concessionaire annually to freeze the toll rates.
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