MARC has affirmed the ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al Bai’ Bithaman Ajil Secured Serial (ABBA) Bonds and RM50.0 million Islamic Medium Term Notes (IMTN) at A+ID. The ratings carry a stable outlook. The ratings principally reflect the strength of cash flows generated under a 21-year power purchase agreement (PPA) with Sabah Electricity Sdn Bhd (SESB), an 80%-own...

MARC has affirmed its rating of A+ID on Zecon Toll Concessionaire Sdn Bhd’s (ZTC) RM60.0 million Bai-Bithaman Ajil Islamic Debt Securities (BaIDS), and revised the outlook on the rating to negative from stable. ZTC is the concession holder of the Tun Salahuddin Bridge, a 339-metre toll bridge over Sarawak River, located in Kuching, Sarawak’s state capital. Since the rating was last aff...

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. The affirmed rating reflects the strong profitability and cashflow generated by Alam Maritim, a leading domestic provider of offshore support services. The ratin...

MARC has affirmed the A+ID  and MARC-2ID / A+ID ratings on toll road concessionaire, Maju Expressway Sdn Bhd’s (MESB or formerly known as Konsortium Lapangan Terjaya Sdn Bhd) RM380.0 million Al Bai’ Bithaman Ajil Primary Serial Medium Term Notes (BBA MTN) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) respectively (Islamic Securities). The ratings...

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 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 (CPs) and RM385 million Murabahah Medium Term Notes (MMTNs). Concurrently, MARC has revised the rating outlook to developing from stable to reflect SPLASH’s exposure to indu...

MARC has revised the outlook on its AA+(S) rating on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds to developing from stable.  The outlook revision reflects operational uncertainty that is being created by proposals by the new Selangor State Government to restructure the state’s water industry. MARC believes that these proposals could have either neutr...

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 reflects MTD InfraPerdana's strong operating profitability, underscored by the sustained traffic flows on the established and matured toll highways operated by wholly-owned subsidiaries, MTD Prime Sdn Bhd (MTD Prime) and Metramac Corp...

MARC has revised its rating outlook on MITP’s BAIS facility of up to RM240.0 million to developing from stable. Concurrently, MARC has affirmed its rating of A+ID on MITP's BAIS. The outlook revision follows an estimated six-month delay in the completion of major construction works at the tuna port following a stop-work order issued by the DOE which has yet to be lifted. This negative develo...

MARC has assigned ratings of AAID /MARC-1ID and A+ID, respectively, to DHTI Capital Sdn. Bhd.’s (DCap) proposed issuance of up to RM110.0 million of Islamic commercial papers/Islamic medium term notes (Senior Notes) and up to RM10.0 million Junior Islamic medium term notes (Junior Notes) (collectively, ICP/IMTN Programme). The ratings reflect the credit quality of a rental payment stream fro...