MARC has assigned initial ratings of AA-IS and MARC-1ID/AA-ID for Tanjung Langsat Port Sdn Bhd’s (TLP) RM250.0 million Sukuk Musyarakah (Sukuk Musyarakah) and RM135.0 million Musyarakah Commercial Papers/Musyarakah Medium Term Notes Programme (MCP/MMTN), respectively. The ratings carry a stable outlook. The proceeds from the proposed issuances will be used mainly to repay existing borrowings...

MARC has assigned an initial rating of AA+IS for Westports Malaysia Sdn Bhd’s (Westports) Proposed RM800 Million Sukuk Musyarakah Medium Term Notes. The rating has a stable outlook. The rating is supported by the company's track record of solid operating performance and strong financial profile. The rating further benefits from an experienced management team and the long standing customer re...

MARC has reaffirmed the AAA(s)ID rating of Kuching Port Authority’s (KPA) RM180 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. KPA is the first organised port in the state of Sarawak. The AAA(s)ID  is rooted in the evident implicit support by the Sarawak State Government for KPA’s BaIDS through a letter of support which undertake...

MARC has upgraded Gas Malaysia Sdn Bhd’s (“Gas Malaysia”) long term rating to AAAID from AA+ID and reaffirmed its short term rating at MARC-1ID with respect to its RM200.0 million Al-Murabahah Commercial Papers/Medium Term Notes Programme (“CP/MTN”) and RM500.0 million Al-Murabahah Medium Term Notes Programme (“MTN”). The ratings outlook is stable. The upg...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+. MARC has also reaffirmed its ratings on TNB’s Islamic debt facilities as follows:·               RM2.0 billion Al-Bai’ Bithaman Ajil Bonds rated AA+ID;·            &...

MARC has assigned the rating of AA- IS to independent power producer, Stratavest Sdn Bhd’s (Stratavest) RM120.0 million Nominal Value Sukuk Ijarah (Sukuk Ijarah). Stratavest operates a 60MW diesel fired power plant (Libaran Power Plant) in Sandakan, Sabah. Proceeds from the issuance of the Sukuk Ijarah will be utilised largely to finance the purchase and/or early redemption of Stratavest&rsq...

MARC has reaffirmed its rating on SAJ Holdings Sdn Bhd’s (‘SAJH’) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA- ID with a stable outlook. The rating is premised upon SAJH’s dominant position as the sole distributor of treated water in the State of Johor; robust water demand; improved financial performance in FY2007; low operating risk and improved ...

MARC has reaffirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating carries a developing outlook.The rating is reaffirmed based on strong water demand in the state of Johor, and the predictable income streams of its wholly-owned subsidiary, Southern Water Corporation Sdn Bhd (SWC) and 49% owned associated ...

MARC has reaffirmed the AAAID long-term rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating carries a stable outlook. GDC Putrajaya operates and maintains district cooling plants in Putrajaya, the Federal Administrative Capital of Malaysia. The affirmed rating reflects GDC Putrajaya’s...

MARC has reaffirmed the A+ long term rating of Puncak Niaga Holdings Bhd’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants. The rating outlook is stable. The RUN are rated the same as its subsidiary, Puncak Niaga (M) Sdn Bhd’s (“PNSB”) Junior Notes A (“A Notes”) which are secured on a back...