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 stable. The rating reflects GDC Putrajaya’s position as the sole supplier of chilled water to all government premises in Putrajaya as well as the commercial buildings owned by Putrajay...

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 Commercial Papers/Medium Term Notes facilities respectively. Alam Maritim’s ratings are supported by its strong profitability and cash flow generation ability which have led to improved liquidity and lower gearing. T...

MARC has revised its outlook on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM780 million Sukuk Istisna to developing from stable. The outlook revision reflects MARC's view that the risk of events leading to a downgrade is balanced by the refinancing plan initiated by Kesturi to address a potential shortfall in debt service by October 2010. Since opening, th...

MARC has affirmed its long-term rating on Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the rating is maintained at stable. MARC notes the significant transfers of cash to ACSB’s related companies in the past two financial years which predisposes ACSB to higher liquidity risk and has reduced headroom with respect to its FSCR cov...

MARC has affirmed the ratings of 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 outlook on the ratings is stable. The ratings reflect the credit quality of the rental payment stream from cr...

MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID/AAAID and AAAID respectively. The ratings carry a stable outlook. The ratings are underpinned by Gas Malaysia’s dominant market position as the sole piped natural gas distributor in Pe...

MARC has affirmed the AAAID(s) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is aligned to MARC’s recently affirmed AAA public information rating on the state of Sarawak on the basis of KPA’s status as a state-run port and a letter from the Sarawak State Government (SSG) which expresses its intent ...

MARC has affirmed its AAAID(bg) and A+ID  ratings on Viable Chip (M) Sdn Bhd’s (VCSB) RM50.0 million nominal value Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B), respectively. The AAAID(bg) rating of BaIDS A has been affirmed on the basis of an irrevocable and unc...

MARC has downgraded its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to BB+ID from A+ID while maintaining the rating on MARCWatch Negative, where it was first placed on February 19, 2009. MARC’s last rating update on August 4, 2009 had highlighted a potential capital injection of some RM32 million by a g...

MARC has affirmed Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) ratings of MARC-1ID /AAID on its RM435 million Islamic Notes Issuance Master Programme comprising RM50 million Murabahah Commercial Papers (MCPs) and RM385 million Murabahah Medium Term Notes (MMTNs). The developing outlook on the rating has been maintained pending finalisation of the acquisition of the water assets ...