KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has assigned a AAA IS (fg) rating to the sukuk issued by Senari Synergy Sdn Bhd. The outlook on the rating is stable.
The Sukuk is under a RM380 million Islamic medium term notes (IMTN) programme .
MARC said on Monday, Aug 1, the rating and rating outlook reflected MARC's credit rating on Danajamin Nasional Bhd of AAA/Stable which is providing an unconditional and irrevocable guarantee to meet obligations on the Sukuk
Senari Synergy was incorporated in July 2010 to help streamline'' businesses under Assar Senari Group (ASG) which is indirectly owned by the Sarawak Government.
Senari Synergy is the holding company of eight operating subsidiaries. The operations of the eight subsidiaries are concentrated around two projects, the Assar Senari Industrial Complex I (ASIC I) and Assar Senari Industrial Complex II (ASIC II).
ASIC II which replicates ASIC I also comprises of an oil terminal, port facilities and a proposed palm oil refinery. Revenue from six of the eight operating subsidiaries provides support for the Sukuk's debt service requirements, which MARC views as a positive credit feature.
The Sukuk proceeds will be mainly used to repay bridge financing and part finance capital expenditure in respect of ASIC I and ASIC II amounting in total to RM194 million, as well as to repay RM139 million of its subsidiaries' debt.
The Sukuk is under a RM380 million Islamic medium term notes (IMTN) programme .
MARC said on Monday, Aug 1, the rating and rating outlook reflected MARC's credit rating on Danajamin Nasional Bhd of AAA/Stable which is providing an unconditional and irrevocable guarantee to meet obligations on the Sukuk
Senari Synergy was incorporated in July 2010 to help streamline'' businesses under Assar Senari Group (ASG) which is indirectly owned by the Sarawak Government.
Senari Synergy is the holding company of eight operating subsidiaries. The operations of the eight subsidiaries are concentrated around two projects, the Assar Senari Industrial Complex I (ASIC I) and Assar Senari Industrial Complex II (ASIC II).
ASIC II which replicates ASIC I also comprises of an oil terminal, port facilities and a proposed palm oil refinery. Revenue from six of the eight operating subsidiaries provides support for the Sukuk's debt service requirements, which MARC views as a positive credit feature.
The Sukuk proceeds will be mainly used to repay bridge financing and part finance capital expenditure in respect of ASIC I and ASIC II amounting in total to RM194 million, as well as to repay RM139 million of its subsidiaries' debt.
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