| MARC has affirmed its rating on ANIH Berhad's (ANIH) MYR 2.5 billion Senior Sukuk Musharakah Programme at AAIS with a stable outlook. The affirmed rating reflects consistent traffic growth for ANIH's portfolio of mostly matured toll concessions, namely the Kuala Lumpur-Karak Highway (KL-Karak), Phase 1 of the East Coast Expressway (ECE1) and the Kuala Lumpur-Seremban Expressway (KL-Seremban), the adequacy of its cash flow generation for the financial year ended March 31, 2012 (FY2012) and projections of future cash flow.
The rating is also supported by the subordination of the RM620.0 million unrated Junior Bonds which buffers Sukuk holders against adverse scenarios. Meanwhile, the rating is moderated by the company's high gearing level and susceptibility to delays in toll hikes...............................................Full Article: Source
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