MARC has removed its AIS rating on Matang Highway Sdn Bhd's (Matang) RM70.0 million Sukuk Musharakah (Sukuk) from MARCWatch Negative, where it had been placed on December 13, 2010 to highlight a potential shortfall and departure from the scheduled build-up of the sinking fund. Matang is a wholly-owned single-purpose funding vehicle of Zecon Berhad (Zecon). Its payment obligations under the fully-a...

MARC has affirmed its A+ID rating on Makro Utama Sdn Bhd’s (Makro) RM100.0 million Al-Istisna’ Bonds (the bonds) with a stable outlook. Makro is a special purpose funding vehicle of construction and engineering company Redmax Sdn Bhd (Redmax) established to facilitate issuance of the bonds. The fully-amortising bonds will be serviced through a Finance Service Account (FSA) and Sinking ...

MARC has affirmed the ratings of Transshipment Megahub Berhad’s (TMB) RM1,095.0 million fixed rate serial bonds (FRSB) and up to RM360.0 million Commercial Papers/Medium Term Notes (CP/MTN) programme at AAA and MARC-1/AAA respectively. The ratings outlook remains negative. Wholly-owned by Kuala Dimensi Sdn Bhd (KDSB), TMB was incorporated solely for the purpose of issuing the FRSB and CP/MTN...

MARC has affirmed the AAA and MARC-1/AAA ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (FRSB) and up to RM85.0 million Commercial Paper/Medium Term Notes (CP/MTN) Programme respectively. The ratings outlook remains negative.Wholly-owned by Kuala Dimensi Sdn Bhd (KDSB), VVB was incorporated solely for the purpose of issuing the FRSB and CP/MTN to finance add...

MARC has affirmed the rating of Free Zone Capital Berhad’s (FZCB) RM410.0 million fixed rate serial bonds (FRSB) at AAA. The rating outlook remains negative. Concurrently, MARC has withdrawn its MARC-1/AAA ratings on FZCB’s undrawn RM70.0 million Commercial Papers/Medium Term Notes (CP/MTN) facilities which had recently been cancelled. Wholly-owned by Kuala Dimensi Sdn Bhd (KDSB), FZCB...

MARC has affirmed the rating of Special Port Vehicle Berhad’s (SPVB) RM1,310.0 million nominal amount asset-backed serial bonds facility at AAA. The rating outlook remains negative. SPVB is a special purpose entity established with the sole purpose of issuing the receivables-backed serial bonds. SPVB acquired future receivables amounting to RM1,699.63 million (including interest) representin...

MARC has affirmed the rating of Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion Medium Term Notes (MTN) Programme at AAA. The rating carries a stable outlook. The MTNs are fully secured by Facility Payment Certificates (FPC) issued by the government in lieu of payment of construction receivables relating to the construction of the new integrated Customs, Immigration and Quarantine (CIQ) ...

MARC has affirmed its MARC-1/AA- ratings on IJM Corporation Berhad's (IJM) RM1,000 million Commercial Paper/Medium Term Notes Programme with a stable outlook based on IJM's relatively resilient consolidated performance in a challenging economic environment and the rating agency's expectation that industry conditions and operating results will support improvements in IJM's current financial risk pr...

MARC has affirmed the ratings of MARC-1(bg) / AAA(bg) on Tranche A of Legolas Capital Sdn Bhd’s (Legolas) RM105.0 million Commercial Paper/Medium Term Notes (CP/MTN) Programme and MARC-1(bg) / AA+(bg) on Tranche B RM110.0 million CP/MTN Programme. The ratings carry a stable outlook. Legolas is a special purpose issuing vehicle established for the sole purpose of raising funds for the develop...

MARC has assigned a rating of AA- to WCT Berhad’s (WCT) RM600 million serial fixed rate bonds with 193.7 million detachable warrants. The outlook for the rating is stable. The proceeds from the issue will be used to fund the repayment of its upcoming debt maturities totalling RM350 million in FY2011 and FY2012 as well as working capital requirements of the group. The assigned rating incorpor...