KLBKKreg Large Bench Klamp (product)
KLBKKonsortium Lebuhraya Butterworth-Kulim Sdn Bhd
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16 July 2010 - RAM Ratings reiterated Friday its AA3 rating on the MYR247m (USD77m/EUR59.3m) secured Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) of Malaysian Konsortium Lebuhraya Butterworth-Kulim Sdn Bhd (KLBK), serving as the toll concessionaire for the 17-km (10.6-mile) Butterworth-Kulim Expressway (BKE).
The rating may be upgraded if KLBK is able to sustain its healthy traffic volume and robust debt-protection metrics over the next one or two years, RAM Ratings added.
Elsewhere, the analysts note that KLBK's debt-servicing ability has been holding up well, with finance service cover ratios (FSCRs) of 1.97 times (without cash balances) and 5.34 times (with cash balances, post-distribution) in the fiscal year to December 2009.
Based on RAM Ratings' sensitised cash flow projections, KLBK's FSCRs (with cash balances, post-distribution) are expected to stay above the covenanted level of 2.5 times throughout the tenure of the BaIDS, the agency said.