Malaysian Rating Corporation Berhad has reaffirmed the short-term rating of MARC-1 for Kertih Terminals Sdn Bhd’s (KTSB) RM500.0 million Revolving Underwritten Facility (RUF) with term loan conversion (1999/2004). The reaffirmation of the rating reflects the completion of Phase 2 of the Centralized Tankage Facility (CTF) which provides additional stream of revenue to Kertih Terminals Sdn B...

Malaysian Rating Corporation Berhad has reaffirmed the rating of AID (Single A Flat, Islamic Debt) for ARL Tenaga Sdn Bhd’s (ARLT) Al-Bai Bithaman Ajil Secured Serial Bonds Facility (ABBA) with a nominal value of RM177.0 million. The reaffirmation of the rating reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the pr...

The rating reaffirmation at AID is supported by the Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight issue structure. The rating, however, continues to be moderated by SAJ Holdings Sdn Bhd’s (SAJH) highly leveraged capital structure that reflects the significant utilization of debt to finance the compan...

MARC has lowered its rating on Teratas Dagang Sdn Bhd’s (TDSB) RM25 Million Murabahah Underwritten Notes Issuance Facility (MUNIF) to MARC-4ID from MARC-3ID. The rating action reflects the negative impact of the delay in securing the necessary approvals from the relevant authorities duly required prior to receiving payments for the land identified for development and commencement of works with...

Malaysian Rating Corporation Berhad (MARC) has assigned Islamic corporate debt ratings of MARC-1ID/AAAID (Islamic Debt) to Sime Darby Berhad’s (Sime Darby) proposed RM1,500 million Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN). The corporate debt ratings of Sime Darby reflect the diversity of the Group’s business, its solid capitalization, strong cash flow position and exceptio...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the long-term corporate debt rating of A (A flat) of Talam Corporation Berhad (Talam) RM150 million principal amount of 7-year 5.0% secured bonds with 107.6 million detachable warrants (2000/2007). The reaffirmation of the rating reflects the strength of the issue structure that is secured by a property development project, the Saujana ...

Malaysian Rating Corporation Berhad has reaffirmed the rating of AAAID (Triple AAA, Islamic Debt) for Petronas Assets Sdn Bhd’s Bai Al-Dayn Notes Issuance Facility with a nominal value of RM242 million. The reaffirmation of the rating reflects the credit strength of Petroliam Nasional Berhad (“PETRONAS”), the holding company of Petronas Assets Sdn Bhd (PAssets), user of PETROSAINS The Discov...

Setia Putrajaya Sdn Bhd (“SPJ”) RM 170.0 million Murabahah Notes Issuance Facility (2000/2003) (“MuNIF”) has been cancelled and fully redeemed on 9 December 2002 ahead of its expiry date of 5th January 2003. The outstanding balance of the MuNIF was fully redeemed via funds from the Facility’s Sinking Fund Account. Upon redemption of the MuNIF, MARC no longer has any rating obligation o...

The affirmation of Tian Siang’s corporate debt rating at A reflects, among others, the improvement in the Group’s operating efficiency and strong recovery of the palm oil prices which should strengthen its cash flow, going forward. The rating is, however, moderated by higher debt obligations following the issuance of the corporate debt and the Group’s vulnerability towards cyclical developm...

GDC (Putrajaya) Sdn Bhd’s (GDC Putrajaya) AAAID Islamic debt rating reflects the importance of the project to the efficient operation of the Government’s premises in Putrajaya; superior credit quality of the offtakers (that is, the Government and Putrajaya Holdings Sdn Bhd (PJH)); and the strong backing of the ultimate shareholder, PETRONAS.GDC Putrajaya, a company under the PETRONAS group, wa...