MARC has reaffirmed the ratings of Sacofa Sdn Bhd’s (SACOFA) and its special purpose subsidiary, Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah at AAAIS. The negative outlook on the ratings has been maintained. The affirmed ratings reflect SACOFA’s exclusive rights in developing, owning and managing telecommunicat...

MARC has assigned an ‘AID’ rating to Tele-Flow Capital Sdn Bhd’s (Tele-Flow Capital) up to RM10.0 million Junior Islamic Medium Term Notes (Junior IMTN) issued under its RM100.0 million MUNIF/IMTN Facility (Facility). MARC had earlier announced the affirmation of the ratings on Tele-Flow Capital’s RM90.0 million Senior MUNIF/IMTN (Senior Notes) at MARC-1ID /AAID on August 1...

MARC has assigned a ‘AID’ rating to CSSB’s up to RM8.0 million Junior Islamic Medium-Term Notes (Junior IMTN) issued under its RM192 million MUNIF/IMTN Facility (Facility). MARC had earlier announced the affirmation of the ratings on CSSB’s RM184.0 million Senior MUNIF/IMTN (Senior Notes) at MARC-1ID /AAID on September 6, 2007. The Junior IMTN was previously unrated.The rat...

MARC has affirmed the ratings of MARC-2ID/AID to Symphony House Berhad’s (Symphony) RM100.0 million Islamic Commercial Papers/Medium-Term Notes (CP/MTN) Programme. The ratings carry a developing outlook. The affirmed ratings are based on the average business risk profile of Symphony, in particular that of its main earnings contributor, Business Process Outsourcing (BPO) operations, and the p...

MARC has affirmed the rating of MARC-2 to Persoft Systems Sdn Bhd’s (“PSSB”) issuance of Commercial Papers Programme (“CP Programme”) with a nominal value of up to RM50 million. The rating continues to be supported by PSSB’s competitive position as the largest Microsoft software reseller in Malaysia and favorable issue structure under which utilization of CP pro...

MARC has affirmed the ratings of MARC-1ID/AAID on Cellular Structures Sdn. Bhd. (CSSB) RM184.0 million Senior MUNIF/IMTN (Senior Notes) under its RM192 million MUNIF/IMTN Facility (Facility). The ratings reflect the credit quality of the rental payment stream from creditworthy telecommunication companies (telcos) that is assessed to be MARC-1ID/AAID.  The payment stream is backed by a licensi...

MARC has withdrawn the AAAID rating assigned to MOCB’s RM103.62 million Sukuk Musyarakah Series 2005-B with immediate effect following the full redemption of the Sukuk on 3rd August 2007.As at 15th August 2007, MARC’s rating obligation in respect of MOCB’s up to RM2,500.0 million Sukuk Musyarakah Issuance Programme is limited to the RM336.6 million currently outstanding under MOC...

MARC has affirmed the ratings of MARC-1ID/AAID to Tele-Flow Capital Sdn. Bhd.’s (Tele-Flow Capital) Senior Notes under its RM90.0 million MUNIF/IMTN Facility.  The ratings reflect the credit quality of a rental payment stream from creditworthy telecommunication companies (telcos) that is assessed to be MARC-1ID/AAID. The payment stream is backed by a licensing agreement that obligates t...

MARC has reaffirmed the ratings of Musyarakah One Capital Berhad’s (“Musyarakah One”) Sukuk Musyarakah Series 2005-A and Series 2005-B at AAAID. The ratings reaffirmation reflects the credit strength of the Government of Malaysia (“GOM”) being the paymaster via its obligation under the Sijil Utama 2005-A and 2005-B, which have been legally assigned to Musyarakah One; ...

MARC is of the view that the proposed disposals of Symphony Global Sdn Bhd (SGSB), Symphony Global Technologies Sdn Bhd (SGT) and Symphony Capital Sdn Bhd (SCSB) has no immediate impact to the corporate debt ratings of Symphony House Berhad’s (SHB) RM100 million Islamic Commercial Paper/Medium Term Notes (CP/TMN) at MARC-2ID/AID. SHB had announced on 27 February 2007, that it intends to disp...