MARC has affirmed the rating of AAAIS on Assar Chemicals Sdn Bhd’s (“ACSB”) RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility were utilized towards repayment of a bridging loan and to part finance the construction costs of the Independent Oil Terminal (“IOT”). The rating reflects the secured demand from the credible offtakers...

MARC has assigned a long term rating of A+ to Titisan Modal (M) Sdn Bhd’s (“TMSB”) proposed issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The rating is a reflection of the water industry in the State of Selangor whereby the demand fundamentals for treated water is unwavering; satisfactory operating performance of the water treatment plant and t...

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 reaffirmation is based on the stable and predictable cash flow which has allowed them to service its debt obligations on a timely manner, the presence of a long-term fuel supply contrac...

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. The reaffirmation of the ratings is due to PNSB’s improved liquidity profile underpinned by the settlement of the long outsta...

MARC has affirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long term rating of AA-ID. Concurrently, we have also placed the rating on MARCWatch with a Developing 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 ...

MARC has placed Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) rating of A (A flat) on a MARCWatch with a Developing Outlook. The rating watch is based on a proposal by the Johor State Government (JSG) to restructure the water supply services in the state of Johor. In our discussion with AIRB’s management, we have been info...

MARC has placed Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) rating of A (A flat) on a MARCWatch with a Developing Outlook. The rating watch is based on a proposal by the Johor State Government (JSG) to restructure the water supply services in the state of Johor. In our discussion with AIRB’s management, we have been info...

MARC has reaffirmed the long term rating of A on Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s Junior Notes A (“A Notes”), which has also been reaffirmed. The rating reaffirmation is a reflection of t...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. Concurrently, the ratings have been placed on a Developing Outlook. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security whilst retaining its dominant role in generation. Meanwhile, TNB’s monopolistic position in the tra...

MARC has affirmed 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, reflecting its strong ownership structure; highly regulated industry; dominant position in the gas distribution business; efficient opera...