RAM Ratings has been closely monitoring Musteq Hydro Sdn Bhd's (Musteq or the Company) liquidity situation given our concerns of a crunch when a scheduled payment of RM6.54 million on its RM80 million Bank-Guaranteed Sukuk Musharakah (2012/2022) was to become due on 26 January 2015.
The principal payment due on that day was settled a day later on 27 January 2015, according to announcements on the Fully Automated System for Issuing/Tendering (FAST). The reason stated was a technicality at the time required to facilitate the clearance process.
RAM understands that the sukuk holders are deliberating the appropriate treatment of the late payment.
The next profit payment on Musteq's sukuk of RM1.44 million is due on 26 July 2015. This payment milestone will be another gauge on the Company's liquidity, which we will continue to monitor closely.
The enhanced AAA(bg)/Stable rating of Musteq's sukuk reflects an unconditional and irrevocable bank guarantee provided by Maybank Islamic Berhad (rated AAA/Stable/P1 by RAM), which enhances the credit profile of the sukuk beyond Musteq's stand-alone credit strength.
Media contact
Yong Jia Zheng
(603) 7628 1055
jiazheng@ram.com.my
© Press Release 2015
