RAM keeps tabs on Musteq Hydro's liquidity position

PETALING JAYA: RAM Ratings said Eden Inc Bhd's subsidiary, Musteq Hydro Sdn Bhd's next principal repayment due on July 26, 2015 for its RM80 million sukuk will determine the company's liquidity position.
"The next payment milestone on July 26, 2015 will be another gauge of the company's liquidity, which we will continue to monitor closely," it said in a statement yesterday.
RAM Ratings has been keeping a close eye on Musteq Hydro liquidity situation after the hydro power plant operator made a principal repayment for its RM80 million sukuk, due on Jan 26, 2015 a day later.
RAM Ratings learnt that the holders of Musteq Hydro's sukuk had not requested a formal resolution on a late principal payment made by the company last month.
Musteq's AAA(bg)/Stable issue rating reflects an unconditional and irrevocable bank guarantee provided by Maybank Islamic Bhd.
Musteq Hydro is an independent power producer that owns and operates a 20-MW hydro power plant at Sungai Kenerong, Kelantan, under a power purchase agreement with Tenaga Nasional Bhd (TNB) that will expire on Dec 19, 2030.