MARC has revised the issue ratings of the Selangor water sector, including Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS), following a review of the ratings which was initiated in June 2010. The single notch downgrade of SYABAS’ long-term rating to A+ID from AA-ID reflects continued cash flow challenges at the Selangor state’s sole water distributor as reflected by its inability to mee...

MARC has maintained a MARCWatch Negative status on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds (FRSB) AA+(s) rating following a review of TMSB’s current credit profile. TMSB’s standalone rating has been downgraded to BBB from A+ to reflect the weak liquidity position of Konsortium Abass Sdn Bhd (Konsortium Abass) and the heightened credit risk for T...

MARC has lowered the ratings on RUN Holding SPV Bhd’s (RUNH) Commercial Paper/Medium Term Notes (CP/MTN) to MARC-2 and A- with a negative rating outlook and removed the ratings from MARCWatch Negative where they were first placed on June 8, 2010. RUNH is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the notes to purchase Redeemable Unconvertible J...

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 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...

MARC has affirmed its ratings on special purpose company DHTI Capital Sdn Bhd’s (DHTI Capital) RM110 million Islamic Commercial Papers/Islamic Medium Term Notes (Senior Notes) and RM10 million Junior Islamic Medium Term Notes (Junior Notes) at MARC-1ID/AAID and A+ID respectively. The rating outlook is stable. The affirmed ratings reflect the credit quality of the rental payment stream from c...

MARC has removed its AA-IS and MARC-1ID/AA-ID ratings on Tanjung Langsat Port Sdn Bhd’s (TLP) RM250.0 million Sukuk Musyarakah (Sukuk Musyarakah) and RM135 million Musyarakah Commercial Papers/Musyarakah Medium Term Notes Programme (MCP/MMTN) respectively from MARCWatch Negative where they were first placed on January 15, 2010. Concurrently, the ratings were affirmed and the ratings outlook ...

MARC has assigned AA-ID rating on toll road concessionaire Maju Expressway Sdn Bhd’s (MESB) proposed RM550.0 million Islamic Medium Term Notes (IMTN) issuance programme under the Shariah principle of Musyarakah. The rating outlook is stable. The assigned rating incorporates the strong debt servicing coverage under the IMTN programme attributable to the favourable repayment structure, and sat...