MARC has affirmed the A+ID  and MARC-2ID /A+ID ratings on toll road concessionaire Maju Expressway Sdn Bhd’s (MESB) RM380.0 million Al Bai’ Bithaman Ajil Primary Serial Medium Term Notes (BBA MTN) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) respectively (Islamic Securities). The ratings outlook is stable. The affirmed ratings acknowledge that w...

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. The rating reflects strong earnings and cash flow generation of its two wholly-owned toll concessionaires, in particular MTD Prime Sdn Bhd (MTD Prime), that are supported by sustained traffic flows on completed high...

MARC has affirmed its AA+(S) rating on Titisan Modal (M) Sdn Bhd's (Titisan Modal) RM738.0 million Fixed Rate Serial Bonds (FRSB). The developing outlook on the rating has been maintained pending the finalization of the acquisition of the water assets and liabilities of its sole operating subsidiary and bulk water concession company, Konsortium Abass Sdn Bhd (Konsortium Abass), by the Selangor Sta...

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. The ratings carry a stable outlook. The affirmed ratings reflect Gas Malaysia’s dominant market position as the sole natural gas distributor in Penins...

MARC has affirmed its long-term rating on independent oil terminal (IOT) owner, Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the rating is stable. The affirmed rating reflects the fundamentals of the underlying oil terminal project, underpinned by a 30-year agreement through 2037 with terminal users of superior credit standing. Contr...

MARC continues to maintain Malaysian International Tuna Port Sdn Bhd’s (MITP) A+ID rated RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative, where it had been first placed on February 19, 2009. The continuing MARCWatch Negative placement reflects MARC’s view that MITP faces acute and immediate challenges as implied by its strained liquidity profile...

MARC has placed its AA-ID rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Positive following the announced signing of a Master Agreement on March 11, 2009 by the federal government, Johor state government, Syarikat Air Johor Sdn Bhd (SAJSB), Ranhill Utilities Berhad (RUB), Pengurusan Aset Air Berhad (PAAB) and SAJH.  ...

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 remains developing to reflect uncertainties arising from the current ongoing industry-wide restructuring that involves among others migration of concessions to a new licensing regime or the option for existing water operators to co...

MARC has affirmed the rating of A+ID on toll road concessionaire, Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (Sukuk). The rating carries a stable outlook. The rating affirmation takes into consideration the strategic alignment of the 18 km Duta-Ulu Kelang Expressway (DUKE) that links to a network of major h...

MARC has affirmed the AAAID(s) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the support extended by the state government of Sarawak to KPA evidenced by its letter of support in which the state undertakes to ensure KPA’s financial obligations in relation to the BaIDS are met in a...