Press Release from TRIS Rating

Rationale

We hold the view that BEM’s business profile remains strong with a portfolio of quality concessional assets, strong and steady operating cash flow from its expressway operation, and growth prospects of the MRT operation.

Rating Outlook

The “Stable” outlook reflects TRIS expectation on BEM’s business profile will remain strong with steady operating cash flows from both the expressway and the mass transit businesses as well as the level of debt in accordance with TRIS baseline forecast.