MARC has reaffirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1 (cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which guarantees the commercial paper programme.TSM was incorporated on 24 July 2000 to operate h...

MARC has affirmed the rating of A+ID with Stable Outlook to Sweetwater SPV Sdn Bhd’s (“SSPV”) RM195 million Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Holdings Berhad (“Splash Holdings”) to upstream dividends to its shareholders, payment of inter...

MARC has assigned respective short- and long- term ratings of MARC-2 and A with a developing outlook to Axis Incorporation Berhad’s (“Axis”) proposed RM100.0 million Commercial Papers/Medium Term Notes (“CP/MTN”) Programme. The ratings reflect the group’s competitive position as an international OEM (“original equipment manufacturing”) player in th...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium Term Notes (“MTN”) issuance programme rating has been reaffirmed at AAA by MARC. The rating carries a stable outlook. The rating reflects the strength of the sole off-taker, The Government of Malaysia (“GOM”) vide its unconditional and irrevocable obligation to repay st...

The ratings of Petronas Assets Sdn Bhd’s (PAssets) RM282 million Bai Al-Dayn Notes Issuance Facility (NIF) and RM500 million Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) have been reaffirmed at AAAID and MARC-1ID/AAAID, respectively with a Stable Outlook. The reaffirmation of the ratings reflect the strong issue structure governing the NIF and CP/MTN facilities, a record of ti...

The ratings of Midciti Resources Sdn Bhd’s (Midciti) Bai Al-Dayn Bonds and 13-year Bonds have been reaffirmed at AAAID and AAA(s) respectively, with a stable outlook. The Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme was fully redeemed in November 2006. The reaffirmation of the ratings reflect the strong issue structure of the Bai Al-Dayn Bonds and 13-year Bond...

The ratings of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN have been affirmed at A(bg) / MARC-1(bg) with stable outlook. The reaffirmation reflects the weakest link rating of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. The bank guarantors consist of Aseambankers, Malayan Banking Berhad, CIMB Bank Berhad and E...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium Term Notes (“MTN”) issuance programme rating has been reaffirmed at AAA by MARC. The rating carries a stable outlook. The rating reflects the strength of the sole off-taker, The Government of Malaysia (“GOM”) vide its unconditional and irrevocable obligation to repay st...

The ratings of RCE Premier Sdn Bhd’s (RCEP) RM45.0 million Fixed Rate Serial Bonds and up to RM50.0 million CP programme has been reaffirmed at A / MARC-2 with stable outlook. The rating is supported by, amongst others, the collateral, comprising identified eligible receivables (IER) and cash balances in the designated accounts backing the bonds and CPs, of not less than 1.3 times the tota...

MARC has affirmed the ratings of RCE Advance Sdn Bhd’s (RCEA) RM420.0 million Fixed Rate Medium Term Notes programme (referred to as the 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 with stable outlook. The affirmation is a reflection of at least 1.66 times collateral backing Class A and B notes which is maintaine...