04.04.2013 - RAM keeps ‘negative’ outlook on Lekas sukuk
RAM Rating Services Bhd has indicated that Lebuhraya Kajang-Seremban Sdn Bhd’s (Lekas) proposed debt-refinancing exercise would likely drag to June this year from the initial completion target of February. In view of the Kajang-Seremban Highway’s weak traffic flow, it was unlikely that Lekas would accumulate the requisite cash for its debt repayment in June next year, it said in a statement. Therefore, any delay beyond June this year would introduce further downward rating pressure on its RM785mil Senior Sukuk Istisna’ and RM633mil Junior Sukuk Istisna’, which carry respective BB1 and B1 ratings. Both issues are still placed on a negative outlook...............................................Full Article: Source
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