17.04.2013 - SapuraKencana sukuk rating reaffirmed
RAM Ratings has reaffirmed the AA3 rating of SapuraKencana Petroleum Bhd’s RM700mil sukuk mudharabah programme (2011/2026) with a stable outlook, reflecting the group’s strong position in the domestic and global oilfield services industries. However, the group’s balance sheet and cashflow metrics were modest relative to its current rating, the rating house said in a statement. Following the merger between SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd, the group’s total debt increased to RM5.94bil as at end-financial year Jan 31 2013 (FY13) as opposed to RM1.41bil at end-January 2012...........................................Full Article: Source
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