MARC has assigned a rating of A+ with Stable Outlook to Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM435 million Nominal Value Redeemable Unsecured Bonds (“RUBs”). The rating is supported by the continued strength and bright outlook of the water supply services industry especially in the state of Selangor, increased revenue and profitability of PNSB, and improving cash flo...

The rating of MTD Prime Sdn Bhd’s (MTD Prime) RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been affirmed at AAID. The rating reflects the continuous traffic and revenue growth from the KL–Karak Highway (KLK) and the inclusion of the toll revenue from the East Coast Expressway Phase 1 (ECE1) into the coffers of the company. In addition, the half yearly princi...

The ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) have been reaffirmed at A+ID. The rating reaffirmations are based on the stable and predictable cash flows of the company which have allowed it to service its debt obligations on a timely manner, the presence of a long-term fu...

The ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) have been reaffirmed at A+ID. The rating reaffirmations are based on the stable and predictable cash flows of the company which have allowed it to service its debt obligations on a timely manner, the presence of a long-term fu...

MARC has upgraded the long term rating of Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants from A to A+ with a stable outlook. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s Junior Notes A (“A Notes”), which has also been upgraded. The rating is a ref...

MARC has affirmed the rating of A+ID with Stable Outlook to Sweetwater SPV Sdn Bhd’s (“SSPV”) RM195 million Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Holdings Berhad (“Splash Holdings”) to upstream dividends to its shareholders, payment of inter...

MARC has reaffirmed the AAAID long-term rating, with stable outlook, of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is supported by the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water coming from th...

MARC has reaffirmed the ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively. The ratings continue to reflect its strong ownership structure; highly regulated industry; dominant position in the gas distribution bu...

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...

MARC has reaffirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long term rating of AA-ID with a stable outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight iss...