The rating of Instacom SPV Sdn Bhd’s (Instacom SPV) RM200 million Murabahah Medium Term Notes (MMTN) has been reaffirmed at AA-ID. The rating outlook is stable. The re-affirmed rating reflects the credit quality of the rental payment stream from creditworthy telecommunications companies (telcos) for the use of telecommunications towers constructed by Instacom Engineering Sdn Bhd (Instacom En...

MARC has affirmed the rating of Free Zone Capital Berhad’s (FZCB) RM410.0 million fixed rate serial bonds and up to RM70.0 million Commercial Papers/Medium Term Notes (CP/MTN) programme at AAA and AAA/MARC-1 respectively. The ratings carry a stable outlook.FZCB is a wholly owned subsidiary of Kuala Dimensi Sdn Bhd (KDSB), incorporated solely for the purpose of issuing the fixed rate serial b...

MARC has reaffirmed the ratings of WCT Engineering Berhad’s (WCT) Islamic Fixed Rate Serial Bonds of RM100 million at A+ID and 7-year Islamic Commercial Papers/Medium Term Notes Programme of up to RM100 million (Islamic CP/MTN) (collectively known as Islamic Securities or IS) at  MARC-1ID /A+ID with a stable outlook. The ratings reflect WCT’s sustained competitive position in the ...

MARC has reaffirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility at AAA.  The rating carries a stable outlook. SPV is a special purpose entity established with the sole purpose of issuing the asset-backed serial bonds, the proceeds of which were used to acquire future receivables (including interest) amounting to RM1,...

MARC has revised its outlook on PECD Berhad’s (PECD) RM200 million serial fixed rate bonds to Negative from Developing following PECD’s announcement to Bursa Malaysia on 6 July 2007 that its wholly owned subsidiary, Peremba Construction Sdn Bhd (PCSB) had been served notices of termination of employment for contracts under its Oceana Development, Palm Jumeirah Project in Dubai, United ...

MARC has reaffirmed Nam Fatt Corporation Berhad’s (Nam Fatt) ratings for its RM250  million  Islamic  Commercial   Paper/Islamic   Medium  Term  Notes  Programme  (ICP/IMTN)  at MARC-1ID /A+ID. The outlook for the ratings has been revised to developing from stable. The ratings are predicated on the facility’s tight issue struc...

Major Rating FactorsStrengthsProven track record in housing construction;Order book provides good revenue visibility; andIncreased geographic diversity of construction revenue.Challenges/Risks:Cyclical nature of construction and property development industry;Extremely competitive industry conditions;Slow payment of receivables is affecting liquidity and cash flow; andModest level of financial flex...

MARC has affirmed the AA- long-term rating of Tirai Impresif Sdn Bhd’s (Tirai) RM100.0 million Medium Term Notes (MTN) Programme with a stable outlook. The affirmation is primarily based on the credit quality and performance of existing Government contract receivables assigned to the issue in respect of identified Government sponsored affordable housing schemes and the issue’s tight st...

MARC has assigned ratings of AAA(bg)/MARC-1(bg) and AA+(bg)/MARC-1(bg) to Legolas Capital Sdn Bhd’s (LCSB) RM105 million nominal value CP/MTNs and RM110 million nominal value CP/MTNs, respectively, underpinned by the irrevocable guarantees provided by Malayan Banking Berhad (Maybank) and United Overseas Bank (Malaysia) Bhd (UOBM) respectively. LCSB is a special purpose vehicle which is an ...

MARC has downgraded the short term rating of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility from MARC-2ID to MARC-3ID. The downgrade reflects rating concerns arising from developments with respect to ABRAR Discounts Berhad, the principal underwriter of the MONI facility. Rating concerns primarily include increased refinancing risk as a...