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MARC has affirmed its rating of AAA-IS on special purpose vehicle Aman Sukuk Berhad's (Aman) Islamic Medium Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The rating affirmation reflects the credit of the Government of Malaysia (GoM) as the single obligor and sublessee which will make contractual sublease rental payments under irrevocable sublease agreements between the GoM and Pembinaan BLT Sdn Bhd (PBLT) in respect of projects for the Royal Malaysia Police or Polis DiRaja Malaysia (PDRM).The repayment profile of each series of IMTN issued is structured to match defined sublease rental payments from the GoM to ensure full and timely servicing and repayment of the notes.
PBLT is a government-owned entity that was set-up to undertake the development of 74 projects comprising facilities and housing quarters for PDRM under the build-lease-transfer model in accordance with the principles of private finance initiatives (PFI). Aman was incorporated as a wholly-owned subsidiary of PBLT to facilitate the funding of the development through the IMTN issuances.
Under the transaction structure of the programme, PBLT will assign all sublease rental collections from the GoM for projects or sections of projects in the development to Aman. As the IMTNs can only be drawn down for projects or sections of projects that have been issued with certificates of completion and compliance, noteholders are insulated from construction risks. Each sublease payment represents an independent and irrevocable obligation by the GoM and is channelled directly into designated accounts without passing through PBLT's bank accounts which eliminates comingling risk. MARC draws comfort from the fact that the sublease rental amounts under each IMTN series is adequate to cover principal and profit payments due during the tenures of the issues.
As at end-December 2011, PBLT has competed 41 projects and 20 sectional completions. Part of these completions have been assigned to Aman to issue IMTNs totalling RM2.265 billion as of date. MARC observes that PBLT has completed 55% of its mandated 74 projects as of end-2011 with full completion expected by 2015. Aman has met its first profit payment to sukuk holders in 2011 and is on track to meet its profit payments due in 2012.
The stable outlook reflects MARC's expectation of a supportive funding environment for the GoM and timely receipt of funding allocations going forward.
For more information, please contact:
Ahmad Gazzara Czillich
+603-2082 2259
gazzara@marc.com.my
Rajan Paramesran
+603-2082 2233
rajan@marc.com.my
© Press Release 2012
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