MARC has affirmed its AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN). The rating outlook is stable. The affirmed rating considers Westports’ competitive position, operational track record, continued robust cash flows from operations and financial flexibility. Since MARC’s last rating...

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 its rating on Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the ratings has been revised to negative from stable. The outlook revision reflects MARC’s concern over ACSB’s forthcoming August 2011 Sukuk maturity which is likely to exceed its cash reserves and expected free cash flow. The affirmed rating inc...

MARC has assigned ratings of A+IS and A-IS to Senai-Desaru Expressway Berhad's (SDEB)  RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme respectively. Proceeds from the issuance are to primarily refinance existing debt of SDEB. The ratings outlook is stable...

MARC has affirmed the AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating is aligned to MARC’s recently affirmed AAA/stable public information rating on the state of Sarawak. The BaIDS are rated at the same level as the Sarawak State Government (SSG) based on very high government...

MARC has assigned a rating of AAAIS to TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah. The rating outlook is stable.The transaction structure involves TTM SPV as a funding vehicle issuing 5- to 15-year Sukuk, the proceeds of which will be loaned to parent Trans Thai-Malaysia (Thailand) Ltd (TTMT). TTM SPV is a special purpose entity set up for the sole purpose of issuing the Su...

MARC has affirmed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium Term Notes (IMTN) programme. The rating outlook is stable. MTD InfraPerdana, a wholly-owned subsidiary of MTD Capital Berhad (MTD Capital), is an infrastructure holding company which holds interests in four toll road concessions in Malaysia and one in the Philippines. Throu...

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 Murabahah Commercial Papers/Medium Term Notes facilities, respectively. Alam Maritim’s ratings are supported by the company’s established market position in the domestic offshore support vessel (OSV) market, it...

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 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...