MARC has assigned ratings of A+IS and A-IS to 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 respectively. Proceeds from the issuance are to primarily refinance existing debt of SDEB. The ratings outlook is stable...

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 recently affirmed AAA/stable public information rating on the state of Sarawak. The BaIDS are rated at the same level as the Sarawak State Government (SSG) based on very high government...

MARC has assigned a rating of AAAIS to TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah. The rating outlook is stable.The transaction structure involves TTM SPV as a funding vehicle issuing 5- to 15-year Sukuk, the proceeds of which will be loaned to parent Trans Thai-Malaysia (Thailand) Ltd (TTMT). TTM SPV is a special purpose entity set up for the sole purpose of issuing the Su...

MARC has affirmed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium Term Notes (IMTN) programme. The rating outlook is stable. MTD InfraPerdana, a wholly-owned subsidiary of MTD Capital Berhad (MTD Capital), is an infrastructure holding company which holds interests in four toll road concessions in Malaysia and one in the Philippines. Throu...

MARC has affirmed its ratings of AA-IS and MARC-1ID /AA-ID on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes and RM100 million Murabahah Commercial Papers/Medium Term Notes facilities, respectively. Alam Maritim’s ratings are supported by the company’s established market position in the domestic offshore support vessel (OSV) market, it...

MARC has assigned ratings of AA-IS and A- to expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed new issuances of up to RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) respectively. The outlook on both ratings is stable. The proposed issuances will be used to redeem Kesturi&rs...

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 revised the issue ratings of the Selangor water sector, including Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS), following a review of the ratings which was initiated in June 2010. The single notch downgrade of SYABAS’ long-term rating to A+ID from AA-ID reflects continued cash flow challenges at the Selangor state’s sole water distributor as reflected by its inability to mee...

MARC has maintained a MARCWatch Negative status on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds (FRSB) AA+(s) rating following a review of TMSB’s current credit profile. TMSB’s standalone rating has been downgraded to BBB from A+ to reflect the weak liquidity position of Konsortium Abass Sdn Bhd (Konsortium Abass) and the heightened credit risk for T...

MARC has lowered the ratings on RUN Holding SPV Bhd’s (RUNH) Commercial Paper/Medium Term Notes (CP/MTN) to MARC-2 and A- with a negative rating outlook and removed the ratings from MARCWatch Negative where they were first placed on June 8, 2010. RUNH is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the notes to purchase Redeemable Unconvertible J...