[MARC] MARC Ratings withdraws rating on PLUS' RM23.35 billion Sukuk Programme on completed exchange

Posted Date: December 29, 2022

MARC Ratings has withdrawn its rating of AAAIS on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (Sukuk Programme). The rating action follows the completed exchange — on like-for-like terms — of the outstanding RM17.2 billion under the Sukuk Programme on December 23, 2022, with notes issued under PLUS' new Islamic Medium-Term Notes Programme (IMTN Programme) of up to RM25.2 billion, and the consequent cancellation of the Sukuk Programme.

MARC Ratings will, however, continue providing analytical coverage on PLUS' IMTN Programme, which is rated AAAIS(s)/Stable.

Contacts:
Lim Wooi Loon, +603-2717 2943/ wooiloon@marc.com.my
Haziq Najmuddin, +603-2717 2965/ haziq@marc.com.my
Hafiza Abdul Rashid, +603-2717 2955/ hafiza@marc.com.my
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