MARC Ratings has withdrawn its rating of AAAIS on Projek Lebuhraya
Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme (Sukuk Programme). The rating action
follows the completed exchange — on like-for-like terms — of the outstanding RM17.2 billion under the Sukuk
Programme on December 23, 2022, with notes issued under PLUS’ new Islamic Medium-Term Notes Programme (IMTN Programme)
of up to RM25.2 billion, and the consequent cancellation of the Sukuk Programme.
MARC Ratings will, however, continue providing analytical coverage on PLUS’ IMTN Programme,
which is rated AAAIS(s)/Stable.