Business

Friday October 30, 2009

Stable outlook for PAAB unit’s Islamic notes


PETALING JAYA: RAM Rating Services Bhd has assigned long and short-term ratings of AAA (stable outlook) and P1 respectively to Pengurusan Air SPV Bhd’s Islamic medium-term notes programme of up to RM20bil in nominal value and Islamic commercial papers programme of up to RM20bil in nominal value.

The facilities have a combined limit of RM20bil in nominal value.

Pengurusan Air SPV is a special-purpose vehicle set up as a wholly-owned subsidiary of Pengurusan Aset Air Bhd (PAAB) to undertake the financing of the latter’s acquisition of water assets and their liabilities in Peninsular Malaysia and Labuan.

RAM said in a statement the ratings were supported by the strategic importance of PAAB’s role as the asset owner of water infrastructure in Peninsular Malaysia and Labuan, pursant to the restructuring of the water industry.

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