MARC affirms its rating on Gas Malaysia Berhad’s (Gas Malaysia) RM500 million Al-Murabahah Medium Term Notes (MTN) Programme at AAAID with a stable outlook. Currently, there are no outstanding notes issued under the programme.The affirmed rating reflects Gas Malaysia’s satisfactory business risk profile owing to its strong market position as the sole natural gas distributor in Peninsul...

MARC has affirmed its sukuk ratings of AA+IS  on Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah (Sukuk) Programme of up to RM2.0 billion and Sukuk Musyarakah Medium  Term Notes (MTN) Programme of up to RM800 million. The rating outlook for both issues is stable.  The affirmed ratings incorporate Westports’ strategic location and strong operational track record...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is a funding vehicle of Trans-Thai Malaysia (Thailand) Ltd (TTMT), a 50:50 joint-venture between Petroliam Nasional Berhad (PETRONAS) and Thailand's PTT Public Company Ltd (PTT). TTM SPV was incorporated to raise funding for the construction of two gas pipelines t...

MARC has lowered its rating on Sistem Penyuraian Trafik KL Barat Sdn Bhd's (SPRINT) RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) to A+ID from AA-ID. The rating outlook is stable. Concurrently MARC has affirmed its AA-(bg) rating on SPRINT's RM365 million Bank Guaranteed Serial Fixed Rate Bonds (BG Bonds) with a stable outlook.The rating and outlook of the BG Bonds reflect MAR...

MARC has revised the outlook to negative from stable and affirmed its ratings at AA-IS and MARC-1ID /AA-ID on Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes (Sukuk Ijarah MTN) and RM100 million Murabahah Commercial Papers/Murabahah Medium Term Notes (MCP/MMTN) programmes respectively. The rating action affects RM475 million of outstanding notes issued u...

MARC has affirmed its ratings of A+IS and A-IS on Senai-Desaru Expressway Berhad's (SDEB)  RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme. SDEB, a 70:30 joint-venture between Rancak Bistari Sdn Bhd and Johor state-owned YPJ Holdings Sdn Bhd, is the conce...

MARC has affirmed the AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating is aligned to MARC’s credit rating of the Sarawak State Government on the basis of a letter of support from the Sarawak State Government (SSG) for the BaIDS. The rating also reflects the sufficiency of cont...

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 outlook is maintained at stable. The rating reflects GDC Putrajaya’s position as the sole producer and supplier of chilled water for the air-conditioning needs of all government premises and comm...

MARC has affirmed Alloy Properties Sdn Bhd’s (APSB) RM240 million Sukuk Musyarakah Medium Term Notes (IMTN) Programme rating at AAIS. Concurrently, MARC has removed APSB’s rating from MARCWatch Negative where it had been placed on August 22, 2011. The rating outlook is stable. The rating action concludes MARC’s review of the issue rating initiated in August 2011 following the ear...

MARC has assigned a final rating of AAAIS to Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) proposed RM23.35 billion Sukuk Musharakah Programme under which the company is to issue senior secured sukuk. The rating outlook is stable.PLUS Berhad is a wholly owned subsidiary of PLUS Malaysia Sdn Bhd (PLUS Malaysia), a 51:49 joint-venture company incorporated by UEM Group Berhad and Employees Provid...