MARC has affirmed its AA-(bg) rating on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM365 million Bank Guaranteed Serial Fixed Rate bonds (BG Bonds) with a stable outlook. The rating and outlook on the BG Bonds reflects that of the lowest-rated financial institution participating in the consortium of three bank guarantors. MARC currently maintains a long-term financial institution r...

MARC has assigned a rating of AAAIS with a stable outlook to the Islamic Medium Term Notes (IMTN) Programme of up to RM10.0 billion by Aman Sukuk Berhad (Aman).Aman is a special purpose vehicle established to facilitate the issuance of IMTNs on behalf of its parent, Pembinaan BLT Sdn Bhd (PBLT). PBLT, an entity wholly-owned by the Government of Malaysia (GoM), constructs facilities and quarters fo...

MARC has affirmed its AAAID rating on Kwantas SPV Sdn Bhd’s (Kwantas SPV) outstanding RM80 million Class A Sukuk with a stable outlook. Concurrently, MARC has withdrawn its AAAID and A+ID ratings on Kwantas SPV’s RM15 million Class B and RM60 million Class C Sukuk respectively, which were fully redeemed on November 19, 2010. MARC has also affirmed its ratings on Kwantas SPV’s RM6...

MARC has affirmed its AAIS rating on special purpose vehicle Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme, with the rating outlook maintained at stable. The proceeds from the issue were used to fund the purchase of the Mercu UEM building, which houses UEM Group Berhad’s (UEM) corporate headquarters, from First Impact Sdn Bhd (FISB). The affirmed rat...

MARC has affirmed its AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN). The rating outlook is stable. The affirmed rating considers Westports’ competitive position, operational track record, continued robust cash flows from operations and financial flexibility. Since MARC’s last rating...

MARC has downgraded its Sukuk ratings on Offshore Works Capital Sdn Bhd's (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A+IS and MARC-2IS /A+IS from AA-IS and MARC-1IS/AA-IS respectively. The rating action resolves the MARCWatch Negative status of OWC's rated obligations, which was initiated on Novem...

MARC has affirmed its AAAID long-term rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. The rating reflects GDC Putrajaya’s position as the sole supplier of chilled water to all government premises in Putrajaya as well as the commercial buildings owned by Putrajay...

MARC has affirmed its rating on Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the ratings has been revised to negative from stable. The outlook revision reflects MARC’s concern over ACSB’s forthcoming August 2011 Sukuk maturity which is likely to exceed its cash reserves and expected free cash flow. The affirmed rating inc...

MARC has affirmed the ratings on Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) Programme with a nominal value of up to RM300 million at  MARC-1ID(cg) /AA-ID(cg) with a stable outlook. The ratings reflect the credit strength of Gamuda Berhad (Gamuda), the ultimate parent company of HISB, which has provided a corporate guarantee for the rate...

MARC has affirmed its ratings of MARC-2ID/AID on Symphony House Berhad's (Symphony) RM100.0 million Islamic Commercial Papers/Medium Term Notes (Islamic CP/MTN) Programme with a stable outlook. The rating action affects RM35 million of outstanding IMTN.Symphony is a holding company. Through its subsidiaries, the company provides business process outsourcing (BPO) services, cheque processing, corpo...