MARC has affirmed the ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (bonds) and up to RM85.0 million of Commercial Papers/Medium Term Notes (CP/MTN) facilities at AAA and MARC-1/AAA respectively. The bonds and CP/MTN are secured by the assignment of rights, titles and benefit of the payment obligations by Port Klang Authority (PKA), pursuant to the Develo...

MARC has lifted its MARCWatch Developing placement and reaffirmed IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/Medium Term Notes (“CP/MTN”) Programme ratings at A+/MARC-1 with a stable outlook. The ratings reaffirmation is a reflection of the strong fundamentals inherent in the group and the success of its off shore projects. Moderating factors c...

MARC has downgraded Jana Niaga Sdn Bhd’s (“JNSB”) RM100.0 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) from MARC-3 ID to MARC-4ID following the failure of University Industri Selangor (“UNISEL”) to make good outstanding guaranteed rental payments amounting to RM8.7 million (as at October 2006) by 31 January 2007. In December 2006, t...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium Term Notes (“MTN”) issuance programme rating has been reaffirmed at AAA by MARC. The rating carries a stable outlook. The rating reflects the strength of the sole off-taker, The Government of Malaysia (“GOM”) vide its unconditional and irrevocable obligation to repay st...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium Term Notes (“MTN”) issuance programme rating has been reaffirmed at AAA by MARC. The rating carries a stable outlook. The rating reflects the strength of the sole off-taker, The Government of Malaysia (“GOM”) vide its unconditional and irrevocable obligation to repay st...

MARC has affirmed the ratings of MARC-2ID /A-ID for Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial papers (“MCPs”) Programme of up to RM30 million and Murabahah Medium Term Notes (“MMTNs”) Programme of up to RM50 million, with a negative outlook. The ratings reflect Prinsiptek’s average business risk profile as a midsize domest...

MARC has reaffirmed the ratings of Transshipment Megahub Berhad’s (TMB) RM1,095.0 million bonds and up to RM360.0 million of CP/MTN facility at AAA and MARC-1/AAA respectively. The bonds and CP/MTN are secured by the assignment of rights, titles and benefits to the payment obligations of the Port Kelang Authority (PKA) pursuant to the development agreement and supplemental agreements betwe...

Rational Instacom SPV Sdn Bhd’s (Instacom SPV) RM200 million Murabahah Medium Term Notes’ (MMTN) rating has been affirmed at AA-ID with a stable outlook. The rating reflects the strength of the issue structure governing the programme which eliminates the risks from construction and its associated costs, ensures robust cash flows from strong off takers such as Maxis Telecommunications...

The ratings of Nam Fatt Corporation Bhd’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium Term Notes Programme have been affirmed at MARC-1ID /A+ID with a stable outlook, premised on the tight issue structure governing the facility, with strict guidelines for drawdown and restrictions on the type of contracts that the facility can be availed upon, including clearance from ...

MARC has reaffirmed the AAA rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. MARC is of the view that the credit quality of the transferred receivables is closely aligned to the credit worthiness of the Government of Malaysia (GOM) who has issued a letter of support affirming the economic importance of the Port Klang Free Zone ...