MARC has assigned the ratings of MARC-1(fg)/AAA(fg) to Riverson Corporation Sdn Bhd’s (Riverson) RM200 million 5-year Commercial Papers/Medium Term Notes (CP/MTN) Programme with a stable outlook. The ratings and outlook are based on the financial guarantee insurance policy extended by Danajamin Nasional Berhad (Danajamin) for the rated programme. Danajamin is currently rated AAA/stable premi...

MARC has affirmed its ratings on Konsortium Lebuhraya Utara – Timur (KL) Sdn Bhd’s (Kesturi) RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) at AA-IS and A- respectively. The outlook for both ratings is maintained at stable.The ratings reflect adequate growth in vehicle traffic on the strategically locate...

MARC has affirmed its ratings on special purpose company DHTI Capital Sdn Bhd’s (DHTI Capital) RM110 million Islamic Commercial Papers/Islamic Medium Term Notes (Senior Notes) and RM10 million Junior Islamic Medium Term Notes (Junior Notes) at MARC-1ID/AAID and A+ID respectively. The rating outlook is stable. The rating action affects RM28 million of outstanding notes issued under the progra...

MARC has downgraded its ratings on Tanjung Langsat Port Sdn Bhd’s (TLP) RM250 million Sukuk Musyarakah Bonds (Sukuk Musyarakah) and RM135 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A-IS and MARC-2ID/A-ID from AA-IS and MARC-1ID/AA-ID  respectively. The outlook on the ratings remains negative.The downgrades reflect further erosion of TLP’s credit and ope...

MARC has affirmed its AA-ID rating on highway concessionaire Maju Expressway Sdn Bhd’s (MESB) RM550.0 million Islamic Medium Term Notes (IMTN) Issuance Programme under the Shariah principle of Musyarakah. The rating outlook is stable. Factors that continue to support the rating are improved toll revenue arising from satisfactory traffic growth and a favourable amortisation profile with no de...

MARC has assigned the AAAIS(fg) rating to Sukuk issued under a RM380 million Islamic Medium Term Notes (IMTN) Programme by Senari Synergy Sdn Bhd (Senari Synergy). The outlook on the rating is stable. The rating and rating outlook reflect MARC's credit rating of AAA/stable on Danajamin Nasional Berhad (Danajamin) which is providing an unconditional and irrevocable guarantee to meet obligations on ...

MARC has assigned ratings of AAAIS(bg) to the bank-guaranteed sukuk and AAAIS(fg) to the Danajamin Nasional Berhad (Danajamin) guaranteed sukuk to be issued under Ranhill Power Sdn Bhd's (Ranhill Power) RM800 million Sukuk Musharakah facility. The outlook for both ratings is stable. The bank-guaranteed sukuk of up to RM300 million (Tranche 1) will have tenures up to eight years while the Danajamin...

MARC has assigned ratings of AAIS to the non-guaranteed notes and AAAIS(fg) to the guaranteed notes to be issued under Ranhill Powertron II Sdn Bhd's (RPII) RM710 million nominal value Ijarah Medium Term Notes Programme (IMTN Programme or Sukuk). The outlook for both ratings is stable. The non-guaranteed notes of up to RM360 million will have tenures up to 11 years while the guaranteed notes of up...

MARC has assigned a rating of AA+IS to Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah (Sukuk) Programme of up to RM2.0 billion. At the same time, MARC has also affirmed its rating of AA+IS on Westports’ existing RM800 million Sukuk Musyarakah Medium Term Notes Programme, of which RM345 million is currently outstanding. The rating outlook for both issues is stable. The assign...

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...