05.04.2013 - RAM keeps negative outlook on Lekas' sukuk
Lebuhraya Kajang-Seremban Sdn Bhd's (Lekas) debt-refinancing exercise will likely drag to June this year from the initial completion target of February, said RAM Ratings. RAM said it was informed that Lekas is in the midst of finalising the terms and conditions of its new debt facilities. "In view of the Kajang-Seremban Highway's weak traffic flow, it is unlikely that Lekas will accumulate the requisite cash for its debt repayment in June 2014. Therefore, any delay beyond June 2013 will introduce further downward rating pressure on its RM785 million Senior Sukuk Istisna' and RM633 million Junior Sukuk Istisna'," said the rating agency..............................................Full Article: Source
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