PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has affirmed its ratings of MARC-1IS/AA-IS on UEM Edgenta Bhd’s sukuk murabahah programme of up to RM1bil.
MARC has accorded a stable outlook for the rating of the Islamic commercial papers and Islamic medium-term notes under the programme.
“The affirmed ratings reflect UEM Edgenta’s strong business and financial profile, stemming mainly from long-term contracts in its growing regional healthcare support services portfolio, and recurrent highway maintenance services. The contracts have provided steady earnings growth which, coupled with low borrowing levels, have translated into strong credit metrics, in particular liquidity and leverage positions, ” it said in a statement.
MARC pointed out that the company had a longstanding involvement in healthcare services with over 300 hospitals across Malaysia, Singapore and Taiwan through long-term government and commercial operation contracts.
These include up to five-year renewable contracts with Singapore’s Health Ministry for 20 out of 35 public hospitals in the city state, valued at a combined RM944mil.
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