Weekly Rating Update For The Week Of 20 October 2014 To 24 October 2014 RATING UPDATE Bond Pricing Agency Malaysia Market Reports WEEKLY RATING UPDATE FOR THE WEEK OF 20 OCTOBER 2014 TO 24 OCTOBER 2014 27 October 2014 Kevin Teh [email protected] Hew Sue Ling [email protected] Simon Ng Sean Cho [email protected] Bond Pricing Agency Malaysia Market Reports 27 October 2014 Weekly Rating Update For The Week Of 20 October 2014 To 24 October 2014 1 Introduction This report contains credit rating updates for Ringgit bond market from respective rating agencies, i.e. RAM Rating Services Berhad (RAM) and Malaysia Rating Corporation Berhad (MARC) for the week aforementioned. 2 Rating(s) Action for the Week DATE 23-Oct-2014 ISSUER FACILITY NAME New Pantai NEW PANTAI RM250.0M Expressway JNR BAIDS Sdn Berhad Bond Pricing Agency Malaysia Market Reports 27 October 2014 PREVIOUS RATING AA3(s), Negative Outlook EFFECTIVE RATING AA3(s), Negative Watch EXCERPTS The Rating Watch signals imminent downward rating pressure on the Junior Notes upon expiry of its corporate guarantee on 31 October 2014. The Junior Notes’ rating has, since its issuance, been enhanced by a corporate guarantee from IJM Corporation Berhad (IJM). Despite expectations of steady cash generation, lumpy principal repayments on the Junior Notes are expected to result in weak annual debt coverage indicators based on RAM’s projections , as measured by the Company’s FSCRs (with cash balances) of a minimum 1.57 times – reflective of a BBB rating. Weekly Rating Update For The Week Of 20 October 2014 To 24 October 2014 3 Disclaimer Information on this document is intended solely for the purpose of providing general information on the Ringgit Bond market and is not intended for trading purposes. The information contained within is not intended to be an exhaustive or complete coverage of the subject(s). None of the information constitutes a solicitation, offer, opinion, or recommendation by Bond Pricing Agency Malaysia Sdn Bhd (BPAM) to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services regarding the profitability or suitability of any security or investment. Investors are advised to consult their professional investment advisors before making any investment decision. Materials provided on this document are provided on an "as is" basis, and while care has been taken to ensure the accuracy and reliability of the information provided in this document, BPAM provides no warranties or representations of any kind, either express or implied, including, but not limited to, warranties of title or implied warranties of fitness for a particular purpose, accuracy, correctness, noninfringement, timeliness, completeness, or that the information is always up-to-date. Bond Pricing Agency Malaysia Market Reports 27 October 2014