MARC has downgraded its ratings on Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) RM435 million Islamic Notes Issuance Master Programme comprising RM50 million Murabahah Commercial Papers (MCPs) and RM385 million Murabahah Medium Term Notes (MMTNs) to MARC-2ID /AID from MARC-1ID /AAID. Concurrently, the ratings have been removed from MARCWatch Negative where they were first placed...

MARC has revised its ratings on Puncak Niaga (M) Sdn Bhd (PNSB) and related ratings, following a review of the Selangor water sector ratings which was initiated in June 2010. Concurrently, PNSB and its related ratings have been removed from MARCWatch Negative where they were first placed on June 8, 2010. The two-notch downgrades in PNSB’s senior debt rating on its RM1.02 billion Bai Bithaman...

MARC continues to monitor progress on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) refinancing of its outstanding sukuk. MARC's last rating action on Kesturi's RM780 million Sukuk Istisna was implemented on January 18, 2010 when the rating agency affirmed its A+ID rating on the sukuk and revised Kesturi's rating outlook to developing from stable.Since M...

MARC has affirmed WCT Berhad’s (WCT) issue ratings as follows:RM300 million Redeemable Sukuk with Warrants at AA-IS;RM300 million Islamic Commercial Papers/Medium Term Notes (CP/MTN) at MARC-1ID/AA-ID;RM100 million Islamic Fixed Rate Serial Bonds at AA-ID;RM100 million Islamic CP/MTN at MARC-1ID/AA-ID.The rating outlook is revised to stable from developing. The rating actions are premised on...

MARC has placed its AAIS senior and AA-IS subordinate debt ratings for DRIR Management Sdn Bhd’s (DRIRM) Class A and Class B Sukuk Ijarah on MARCWatch Developing pending completion of a proposed refinancing of the Sukuk. The seller-lessee in the Sukuk Ijarah's underlying sale and leaseback transaction and sister company, MHS Aviation Berhad (MHSA), is seeking to restructure its lease obligat...

MARC has affirmed the ratings of geosynthetic manufacturer Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) at MARC-2ID / AID. The rating outlook is revised to stable from developing. Since MARC’s review at end-August 2009, the rating agency’s concerns over the executi...

MARC has downgraded its rating on Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) to B from B+. Its rating outlook is maintained at negative. The rating action reflects Mithril’s continuing losses as a result of worsening prospects of its mainstay polyurethane (PU) architectural mouldings business and its impaired balance sheet following certain i...

MARC has affirmed its rating of MARC-2ID for Prinsiptek Corporation Berhad’s (Prinsiptek) Murabahah Commercial Paper (MCP) Programme of up to RM30 million and revised the outlook to stable from negative. The rating action follows MARC’s review of Prinsiptek’s credit profile after the construction group’s announcement of its first half FY2010 profit of RM2.8 million compared...

MARC has affirmed its AAA(bg) and MARC-1(bg) ratings on property developer Mega Palm Sdn Bhd’s (Mega Palm) Bank Guaranteed Medium Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million respectively. The outlook for the ratings is stable. The affirmed ratings and stable outlook are based on MARC’s public information ratings of A...

MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID /AAAID and AAAID respectively with a stable outlook. The ratings are underpinned by Gas Malaysia’s dominant market position as the sole piped natural gas distributor in Peninsular Mala...