MARC has affirmed the A+ long-term rating of Puncak Niaga Holdings Bhd’s (PNHB) RM546.875 million Redeemable Unconvertible Junior Notes with detachable warrants (RUN). The developing outlook on the rating has been maintained in the context of an apparent stalemate in the restructuring of the Selangor water sector. The Selangor state government has recently withdrawn its offer to acquire the ...

MARC has affirmed its ratings on Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AAID as well as RM546.875 million Junior Notes A (A Notes) and RM435.0 million Nominal Value Redeemable Unsecured Bonds (RUB) at A+ respectively. The affirmed ratings reflect low demand risk for bulk water, solid historical debt service coverages and adequate...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+ and the utility's Islamic debt ratings as follows:RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility at AA+ID; andRM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AA+IDMARC has revised its ratings outlook to stable from developing to reflect expectations of more certainty regarding electricity demand and cost rec...

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 the MARC-2 ratings of RCE Premier Sdn Bhd’s (RCEP) RM50.0 million Commercial Papers (CP) programme. The ratings carry a stable outlook. The affirmations are premised on the satisfactory performance of the securities’ underlying portfolios of receivables, and the maintenance of the minimum collateral cover of 1.3 times, supported by an undertaking from RCE Marketing Sd...

MARC has affirmed the ratings of RCE Advance Sdn Bhd’s (RCEA) RM420.0 million Fixed Rate Medium Term Notes programme (Facility) at A+ for RM240.0 million Class A; A for RM120.0 million Class B; and BBB+ for RM60.0 million Class C notes. The ratings carry a stable outlook. The affirmation and stable outlook are premised on the satisfactory performance of the securities’ underlying portf...

MARC has affirmed its rating of A on Handal Offshore Services Sdn Bhd’s (Handal) RM50.0 million Medium Term Notes Programme (MTN). The rating outlook has been revised to positive from stable. The affirmation of the rating is premised on greater earnings visibility from the company’s lifting solutions for workover projects division, which commenced operations in 2006, and the stable con...

MARC has affirmed its ratings of AA-IS and MARC-1ID /AA-ID on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes and RM100 million Commercial Papers/Medium Term Notes facilities respectively. Alam Maritim’s ratings are supported by its strong profitability and cash flow generation ability which have led to improved liquidity and lower gearing. T...

MARC has revised its outlook on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM780 million Sukuk Istisna to developing from stable. The outlook revision reflects MARC's view that the risk of events leading to a downgrade is balanced by the refinancing plan initiated by Kesturi to address a potential shortfall in debt service by October 2010. Since opening, th...

MARC has affirmed its ratings of MARC-1/AAA, MARC-1/AA and MARC-1/A on Gandalf Capital Sdn Bhd’s (Gandalf Capital) RM118.0 million Commercial Papers/Medium Term Notes Programme (the notes) comprising RM87 million Class A, RM16 million Class B  and RM15 million  Class C notes respectively. The ratings carry a stable outlook. The affirmed ratings are premised on the low loan-to-value...