MARC Ratings has withdrawn its rating of B+/Negative on Senai-Desaru Expressway Berhad’s (SDEB) Islamic Medium-Term Notes of up to RM1.89 billion (Restructured Sukuk).

SDEB has on October 20, 2022, informed that it has obtained approval from sukukholders to withdraw the rating, supported by a letter from Malaysian Trustees Berhad dated September 29, 2022, evincing the same. Accordingly, MARC Ratings will no longer provide analytical coverage on the Restructured Sukuk.

We note that SDEB and the sukukholders are currently in negotiations to restructure the Restructured Sukuk (Proposed Third Restructuring), which is expected to be completed by end-2022.