MARC has affirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme (BBA CP/MTN) ratings of MARC-1ID /AA-ID. The developing outlook on the rating has been maintained to reflect the unresolved situation around the restructuring of the Selangor water sector and SYABAS’ deferred water tariff hike (please refer to...

MARC has assigned a rating of AAIS on Haluan Gigih Sdn Bhd’s (HGSB) proposed Sukuk Musyarakah Medium Term Note (IMTN) Programme of up to RM240.0 million. Proceeds will be used to fund the RM157.5 million acquisitions of two office buildings, with the balance to fund inter-company advances to its parent, Alloy Consolidated Sdn Bhd (ACSB). The assigned rating reflects MARC's assessment of HGSB...

MARC has affirmed the AA-(bg) and AA-ID rating on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM365 million Bank Guaranteed Serial Fixed Rate bonds (BG Bonds) and RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively. The ratings outlook is stable for both facilities. The rating on the BG Bonds reflects the strength of the lowest financial institution ratin...

MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook has been revised to stable from developing to reflect the satisfactory build-up of its sinking fund account (SFA) ahead of the November 2011 redemption of the RCULS and improved clarity regarding the status of the bulk water conces...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID and has revised the rating outlook to stable from developing. The revised outlook reflects anticipated improvement in KEV’s earnings, with most operational issues of the plant being addressed as well as better electricity demand expec...

MARC has affirmed its MARC-1/A+ ratings on RUN Holding SPV Bhd’s (RUN SPV) First Series of RM200 million under its RM500 million Commercial Papers/Medium Term Notes Programme (the notes) and maintained the developing outlook on the ratings. RUN SPV is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the notes to purchase Redeemable Unconvertible Juni...

MARC has affirmed the AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN) and maintained the stable rating outlook. The affirmed rating considers Westports’ strong competitive position and operational track record in addition to its stable financial profile and ample financial flexibility. Thes...

MARC has affirmed the A+ long-term rating of Puncak Niaga Holdings Bhd’s (PNHB) RM546.875 million Redeemable Unconvertible Junior Notes with detachable warrants (RUN). The developing outlook on the rating has been maintained in the context of an apparent stalemate in the restructuring of the Selangor water sector. The Selangor state government has recently withdrawn its offer to acquire the ...

MARC has affirmed its ratings on Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AAID as well as RM546.875 million Junior Notes A (A Notes) and RM435.0 million Nominal Value Redeemable Unsecured Bonds (RUB) at A+ respectively. The affirmed ratings reflect low demand risk for bulk water, solid historical debt service coverages and adequate...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+ and the utility's Islamic debt ratings as follows:RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility at AA+ID; andRM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AA+IDMARC has revised its ratings outlook to stable from developing to reflect expectations of more certainty regarding electricity demand and cost rec...