MARC has affirmed the AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN) and maintained the stable rating outlook. The affirmed rating is based on the company’s strong operational efficiency, sound financial profile reflected in its low gearing and strong liquidity position, and solid sponsors...

MARC has affirmed its MARC-1/A+ ratings on RUN Holding SPV Bhd’s (RHSB) First Series of RM200.0 million under its RM500.0 million Commercial Papers (CPs) and Medium Term Notes (MTN) Programme (the Notes) and revised the outlook on the ratings to developing from stable. RHSB is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the Notes to purchase Red...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+ as well as its ratings on TNB’s Islamic debt facilities which are as follows:    • RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility rated AA+ID;    • RM2.0 billion Al-Bai’ Bithaman Ajil Bonds rated AA+ID; and    • RM1.5 billion...

MARC has affirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme ratings of MARC-1ID /AA-ID. Concurrently, MARC has revised the rating outlook to developing from stable to reflect SYABAS’ increased risk of lower-than-expected tariffs and early termination of its water distribution concession agreement (CA)....

MARC has affirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme ratings of MARC-1ID /AA-ID. Concurrently, MARC has revised the rating outlook to developing from stable to reflect SYABAS’ increased risk of lower-than-expected tariffs and early termination of its water distribution concession agreement (CA)....

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). Concurrently, MARC has revised the rating outlook to developing from stable to reflect the noteholders increased exposure to the proposed restructuring of the Selangor state’s water industry. PNHB had announced on Februa...

MARC has affirmed Puncak Niaga (M) Sdn Bhd’s (PNSB) ratings of AAID on its RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and A+ respectively on both its RM546.875 million Junior Notes A (A Notes) and RM435.0 million Nominal Value Redeemable Unsecured Bonds (RUBs). The AAID rating of the BaIDS acknowledges the legal priority of the secured debt over the other rated obligati...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID. The rating now carries a developing outlook. Concurrently, MARC has removed the rating from MARCWatch Negative where it had been placed since July 2008 on concerns linked to the unresolved technical issues at Kapar Power Station (KPS) whic...

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 carries a stable outlook. The rating reflects GDC Putrajaya’s position as the sole supplier of chilled water to all government premises in Putrajaya, the relatively low operating risk associated ...

MARC has affirmed the AA-(bg) and AA-ID ratings of highway concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM365.0 million Bank Guaranteed Serial Fixed Rate bonds (BG Bonds) and RM510.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively (collectively known as the Facilities). The ratings carry a stable outlook. The affirmed rating on the BG Bonds re...