MARC has reaffirmed the rating of A+ID  on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (''Kesturi'') issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (''Sukuk''). Kesturi is Duta-Ulu Kelang Expressway's (''DUKE'') concessionaire. The rating carries a stable outlook.DUKE is a strategic alignment connecting the North Klang Valley Expressway on t...

Major Rating FactorsStrengths Strong competitive position lends resilience to Westports’ financial performanceSolid operating track recordAmple internal liquidity as well as access to external sources of liquidityImproving cash flow protection measuresChallenges/Risks  Operating in a highly competitive industryHigh capital intensity of port businessMARC has reaffirmed the rati...

MARC has assigned ratings of MARC-1/A+ to the first issuance of up to RM200.0 million under RUN Holding SPV Bhd’s (RHSB) proposed RM500.0 million commercial papers (CPs) and medium term notes (MTN) programme (collectively referred to as “the Notes”). The ratings on the Notes reflect the credit quality of the underlying securities, Puncak Niaga Holdings Bhd’s (PNHB) Redeemab...

MARC has affirmed the long term rating of AA+(S) to Titisan Modal (M) Sdn Bhd’s (“TMSB”) issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The ratings affirmation is based on the credit quality of the Selangor State Government which has provided a letter of support for the obligations of TMSB in relation to the serial bonds, which, although not a gua...

MARC has reaffirmed the ratings of A+ID and MARC-2ID /A+ID on Konsortium Lapangan Terjaya Sdn Bhd’s (“KLT”) RM380.0 million Bai Bithaman Ajil Medium Term Notes (“BBA MTN”) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes Programme respectively (“MCP/MTN”) (collectively known as “Finance Facilities”). The ratings carry a st...

MARC has assigned ratings of AA-IS and MARC-1ID to Alam Maritim Resources Berhad’s (AMRB or the Company) RM500 million Sukuk Ijarah MTN Facility and RM100 million Murabahah Commercial Papers/ Medium Term Notes Facility (MCP/MMTN). The ratings carry a stable outlook.The ratings reflect AMRB’s strong business position, favourable growth prospects, healthy financial condition as well as s...

MARC has assigned a long-term rating of AAID (AA Flat, Islamic Debt) with stable outlook, to MTD InfraPerdana Bhd’s (MTD InfraPerdana) Islamic Medium Term Notes (IMTN) programme of up to RM700 million. The rating reflects the robust financial profile of MTD InfraPerdana, which is supported by the strong traffic from the matured toll highways under the stable of its two wholly-owned subsidi...

MARC has assigned a long-term debt rating of A+ID to Malaysian International Tuna Port Sdn Bhd’s (MITP)’s proposed Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240 million. The A+ID rating incorporates a strong reliance on government support for the highly visible tuna port privatisation project based on a Letter of Support issued by the Ministry of Agricu...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security and its dominant role in generation. TNB’s virtually monopolistic position in the transmission and distribution of electricity in Peninsular Malaysia and Sabah, coupl...

Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM350 million Murabahah Commercial Papers/ Medium Term Notes ratings have been reaffirmed at AAID and MARC-1ID /AAID respectively with a Stable Outlook. At the same time, the rating of PNSB’s RM546.875 million Junior Notes A (A Notes) has been upgraded to A+. The ratings are support...