MARC has withdrawn its AA+IS rating on Westports Malaysia Sdn Bhd’s RM2.0 billion Sukuk Musharakah Programme at the issuer’s request.
In its previous rating action on April 21, 2020, MARC affirmed the AA+IS rating with a stable outlook that primarily reflected Westports’ favourable cargo-handling facilities, strong liquidity position and robust financial service coverage. The rating was moderated by a competitive landscape for transhipment, high customer concentration risk and impacts from the volatility in economic cycles and international trade flows. For details of the support factors, please see the Credit Analysis Report on Westports published on April 28, 2020 on www.marc.com.my.
Following the rating withdrawal, MARC will no longer provide analytical coverage on Westports.
Contacts:
Ummi Kalsom Yaacub, +603-2717 2934/ ummikalsom@marc.com.my;
Hafiza Abdul Rashid, +603-2717 2955/ hafiza@marc.com.my.
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