The rating agency said on Thursday the affirmed rating continues to incorporate a two-notch rating uplift from PLUS Bhd's standalone rating of AA based on MARC's assumption of support from the Malaysian government with respect to the programme.
"Among key factors that support this assumption are the government's golden share in the concession company, the interdependence between default events for the rated Sukuk and RM11.0bil government-guaranteed Sukuk (GG Sukuk) that matures after the rated programme and the critical role of the North-South Expressway (NSE) in the country's transportation system," it said.
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