MRCB which owns and
operates the EDL in JB has had over rm1 billion of debt notes issued to fund
the 8.1 km EDL downgraded by RAM. The downgrade came because MRCB Southern Link
is seen likely to default on rm1 billion senior and junior sukuk due to the
delay in tolling on the expressway. MRCB Southern has a high likelihood of
defaulting on both the notes when interest payments are due on Dec 21, 2012.
This is the second downgrade in Aug 2012.
RAM Rating Services
downgraded the long-term ratings of MRCB Southern Link Bhd's RM845mil secured
Senior Sukuk and RM199mil Junior Sukuk and there was a high likelihood of
defaulting on both Sukuk on Dec 21, 2012. Malaysian Resources Corporation Bhd,
the ultimate project sponsor, does not intend to fund any shortfall in meeting
the debt obligations.In the meantime, the implementation of the government's
short- and long-term plans to resolve the non-tolling of EDL remains uncertain.
Finally, the negative Rating Watch indicates that the ratings could come under
further downward pressure in the very near-term, if neither the short- nor
long-term solution can be implemented promptly.
Issues ranging from the
location of the toll Plazas, to toll charges and the date to start collecting
toll have delayed start of tolling on the expressway. Expecting MRCB to incur
operating cost of rm7 million a month which would lead to rm30 million to rm40
million operating losses for EDL in the fiscal year ending Dec 31.
The main reason for the
downgrade ratings was the non tolling of the highway. MRCB is in talks with the
government to resolve the issue and in the meantime the government has passed
an interium resolution to bear the operational costs of the project while wait
for the final decision.
MRCB has yet to receive
any compensation from the government as part of the temporary measures as the
interium resolution still needs to be approved by the Cabinet. However MRCB’s
CEO said that MRCB Southern Link would have been able to meet its debt
obligations had the management not made a rm40 million payment to the
contractors, a related company to MRCB group.
The consolidated cash
holdings of MRCB Southern Link stood at rm21 million as at end July 2012.
In April 2012, MRCB
chairman Tan Sri Azlan said the group was open to options for its EDL,
including the sale of the highway.
The EPF is the
controlling shareholder of MRCB with 42.2% stake.
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