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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.
The rating actions reflect our view on BEM’s weakening financial profile. BEM has a high level of debt while its operating cash flow has been materially impacted by the COVID-19 outbreak, particularly cash flow from the fully operating mass rapid transit (MRT) Blue Line. As earnings from the MRT Blue Line will likely take time to ramp up, BEM’s leverage is expected to stay elavated with an adjusted debt to EBITDA ratio of over 7 times over the next few years. Such a level of leverage is not commensurate with an “A” ratings.
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