MARC has assigned ratings of MARC-1ID and AA-ID on KNM Group Berhad’s (KNM) up to RM400 million Islamic Commercial Paper Programme (ICP Programme) and up to RM1.1 billion Islamic Medium Term Note Programme (IMTN Programme) respectively. The outlook on the long-term rating is stable. KNM’s ratings reflect the group’s strong market position, well-diversified product offerings and g...

MARC has assigned ratings of AA-IS and A- to expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed new issuances of up to RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) respectively. The outlook on both ratings is stable. The proposed issuances will be used to redeem Kesturi&rs...

MARC has affirmed its AAA rating on Class Auto Receivables Berhad’s (Class Auto) RM395.0 million Class A Notes with a stable outlook. At the same time, the agency has upgraded the ratings of the RM20.0 million Class B and RM20.0 million Class C Notes to AAA from AA and A+ respectively. The notes were issued under a RM10.0 billion Medium Term Notes (MTN) Programme. The rating outlook for Clas...

MARC lowered its rating on Viable Chip (M) Sdn Bhd’s (VCSB) RM150 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B) rating to A-ID from A+ID. The rating outlook is negative. At the same time, MARC affirmed its AAAID(bg) rating on VCSB’s RM50 million Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) with a stable outlook. The ratings have been r...

MARC has lowered its ratings on Ample Zone Berhad’s (Ample Zone) RM10.9 million Class B Sukuk Ijarah (Sukuk) to A-IS from AA+IS, and affirmed RM75 million Class C at B+IS. The outlook on the ratings remains negative. The rating downgrade on the Class B Sukuk reflects severe stress on the property-backed transaction caused by continued non-payment of rentals from entities related to Talam Cor...

MARC has revised the issue ratings of the Selangor water sector, including Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS), following a review of the ratings which was initiated in June 2010. The single notch downgrade of SYABAS’ long-term rating to A+ID from AA-ID reflects continued cash flow challenges at the Selangor state’s sole water distributor as reflected by its inability to mee...

MARC has affirmed its AAID ratings on Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium Term Notes (MMTN) Programme with a stable outlook.Instacom SPV Sdn Bhd was established to facilitate the issuance of notes under the MMTN Programme on behalf of Instacom Engineering Sdn Bhd (IESB), a telecommunication tower (telco tower) contractor. Proceeds from the issuance of notes are used ...

MARC has affirmed its AAAID and MARC-1ID /AAAID ratings on MISC Berhad’s (MISC) RM2.5 billion Islamic Medium Term Notes (IMTN) Programme and RM1.0 billion Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a stable outlook. The affirmed ratings reflect MISC’s established position and long track record in the energy transportation segment, the close strategic alignmen...

MARC has maintained a MARCWatch Negative status on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds (FRSB) AA+(s) rating following a review of TMSB’s current credit profile. TMSB’s standalone rating has been downgraded to BBB from A+ to reflect the weak liquidity position of Konsortium Abass Sdn Bhd (Konsortium Abass) and the heightened credit risk for T...

MARC has lowered the ratings on RUN Holding SPV Bhd’s (RUNH) Commercial Paper/Medium Term Notes (CP/MTN) to MARC-2 and A- with a negative rating outlook and removed the ratings from MARCWatch Negative where they were first placed on June 8, 2010. RUNH is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the notes to purchase Redeemable Unconvertible J...