These rating actions reflect the increasingly challenged liquidity positions of the affected issuers arising from the unresolved deadlock in negotiations between the Selangor government, federal government and the water concessionaires on the restructuring of the state's water sector. MARC believes that the unresolved deadlock significantly reduces the likelihood that the restructuring process wil...

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...

MARC has affirmed its AAAID(bg) and A+ID  ratings on Viable Chip (M) Sdn Bhd’s (VCSB) RM50.0 million nominal value Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B), respectively. The AAAID(bg) rating of BaIDS A has been affirmed on the basis of an irrevocable and unc...

MARC has affirmed its AAAID(bg) and A+ID  ratings on Viable Chip (M) Sdn Bhd’s (VCSB) RM50.0 million nominal value Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B), respectively. The AAAID(bg) rating of BaIDS A has been affirmed on the basis of an irrevocable and unc...

Major Rating FactorsStrengthsDebt repayment ability supported by reliable dividend stream from SPLASH which exhibits a strong financial profile;Some 70% to 80% of SPLASH’s revenues is derived from capacity charges which promotes revenue stability;Shareholders’ capacity and willingness to meet shortfalls in debt service provide insulation against uncertain cash flows; andConsiderable re...

MARC has assigned an AAAID(bg) rating on Viable Chip (M) Sdn Bhd’s (“VCSB”) RM50.0 Million nominal value of Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS A”) and an A+ID rating on the company’s RM150.0 Million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS B”).The rating is driven by the financial...