RAM assigned AA2 long term rating to ProHawk

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RAM Ratings Head of Real Estate and Construction Ratings Thong Mun Wai said the company’s debt-servicing ability is viewed as strong, with projected stressed minimum and average finance service cover ratios of 1.57 times and 1.72 times, respectively.

“Counterparty risk is low as the obligor of the concession payments are the government of Malaysia, with funds allocated through the Ministry of Health,” said Thong.

Various measures in the financing structure of the transaction minimised cashflow leakage. These include limits on ProHawk’s activities and indebtedness.

It said concession payments will be directly deposited into key designated accounts operated by the facility agent, which strictly manages the cash inflows and outflows.

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