MARC has affirmed the ratings of ABS Logistics Berhad’s (ALB) Senior Sukuk comprising  RM100 million of Class A, RM20 million of Class B and RM40 million of Class C Sukuk at AAAIS , AAIS and AAAIS(bg), respectively. The outlook on the ratings is stable. The affirmed ratings of Class A and Class B Sukuk reflect the maintenance of adequate credit enhancements that are consistent with the ...

MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook has been revised to stable from developing to reflect the satisfactory build-up of its sinking fund account (SFA) ahead of the November 2011 redemption of the RCULS and improved clarity regarding the status of the bulk water conces...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID and has revised the rating outlook to stable from developing. The revised outlook reflects anticipated improvement in KEV’s earnings, with most operational issues of the plant being addressed as well as better electricity demand expec...

MARC has affirmed its MARC-1/A+ ratings on RUN Holding SPV Bhd’s (RUN SPV) First Series of RM200 million under its RM500 million Commercial Papers/Medium Term Notes Programme (the notes) and maintained the developing outlook on the ratings. RUN SPV is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the notes to purchase Redeemable Unconvertible Juni...

MARC has affirmed the ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80 million Class A, RM15 million Class B and RM60 million Class C Sukuk Ijarah at AAAID, AAAID and A+ID respectively, with a stable outlook. At the same time, MARC has downgraded the short-term and long-term ratings of Kwantas SPV’s Murabahah Commercial Papers/Medium Term Notes (CP/MTN) programme to MARC-2ID(cg)/A-I...

MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB+ID from A-ID. At the same time, the rating was removed from MARCWatch Negative where it had been placed on December 17, 2009. The downgrade reflects increased risk that MMM may not be able to plug the funding gap that currently exists with re...

MARC has affirmed its bank guaranteed ratings of MARC-1ID(bg)/AA-ID(bg) on Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF). The bank guaranteed ratings reflect the lower of the financial institution ratings of AmInvestment Bank Berhad and CIMB Bank Berhad, both of which have provided unconditional and irrevocable bank guarantees i...

MARC has affirmed its ratings on the four special purpose vehicle debt issuances which are supported by deferred payment receivables from Port Klang Authority (PKA) in respect of the land purchase and development costs of the Port Klang Free Zone (PKFZ) as follows:Special Port Vehicle Berhad’s (SPVB) RM1,310 million Asset-Backed Serial Bonds at AAA; Transshipment Megahub Berhad’s ...

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. The outlook on the ratings is stable. The affirmed ratings reflect the strong niche competitive positions of the leading domestic provider of business process outsourcing (BPO) services, the stability of its BPO earnings a...

MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah to A+IS from AA-IS. The outlook is stable. Vastalux Capital is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux), incorporated for the purpose of issuing the Sukuk Musyarakah largely to fund Vastalux’s working capital in relation to oil and gas services ...