MARC has assigned an A+ID rating to Sweetwater SPV Sdn Bhd’s (SSPV) proposed RM195 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) to upstream dividends to its shareholders, payment of interest on the loan stocks or loan stock redemption because these cashflows wi...

MARC has assigned a rating of AAAIS to Assar Chemicals Sdn Bhd’s (“ACSB”) proposed issuance of RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility will be applied towards repayment of the outstanding amount under the RM100.0 million bridging loan granted by RHB Sakura Merchant Bankers Berhad to ACSB pending issuance of the Facility and par...

The MARC-1ID/AA-ID corporate debt rating assigned to Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS), reflects its dominant position as the sole distributor of treated water for the states of Selangor, Wilayah Persekutuan Kuala Lumpur and Putrajaya; the Government’s support for the water privatization programme; the low risk nature of the business given the importance of treated water for d...

MARC has upgraded the rating of Kelang Multi Terminal Sdn Bhd’s (KMT) RM350 million Floating Rate Notes to AA, reflecting the company’s consistently strong operational performance underlined by the steady growth in container throughput; commendable financial profile as well as the Government’s participation in developing Port Klang into a Transshipment and Megahub/Free Trade Zo...

MARC has assigned ratings of A+ID and MARC-2ID/A+ ID to Konsortium Lapangan Terjaya Sdn Bhd’s (“KLT”) proposed issuance of RM380 million Bai Bithaman Ajil Medium Term Notes (“BBA MTN”) and up to RM80 million Murabahah commercial papers/medium term notes programme respectively (“MCP/MTN”) (“collectively known as Finance Facilities”). Proceeds ...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) and the short term rating of the Revolving Underwritten facility (RUF) have been reaffirmed at A-ID and MARC-2 respectively. However, the rating of the Bank Guaranteed Serial Fixed Rate Bonds has been upgraded to A+(bg) based on the A+ rating given to the consortium of banks providing t...

The rating upgrade on ARL Tenaga Sdn Bhd’s ABBA is backed by its commendable ability to service its obligation under the ABBA in a timely manner backed by the stable and predictable cash flow of the company; the presence of a long-term fuel supply contract which eliminates supply disruption risk; and an issue structure which promotes the scheduled amortization of the Islamic debt. These st...

Tenaga Nasional Berhad’s (TNB) strong ratings are reflective of its strategic importance to Malaysia’s economy and national security; dominant role in generation; monopolistic position in the transmission and distribution of electricity in Peninsular Malaysia; majority government ownership; and improving financial profile. These positive factors are, however, moderately offset by the...

MARC has assigned a rating of A (A flat) to Aliran Ihsan Resources Berhad’s (AIRB) redeemable convertible unsecured loan stocks (RCULS). AIRB, the NEWCO, was set up as the corporate vehicle to undertake the various corporate and debt restructuring schemes and to assume the listing status of RNC, an affected listed issuer under the Securities Commission’s Practice Note 4. Proceeds fro...

MARC reaffirms Dialog Group Berhad (DIALOG)’s corporate credit rating of ‘AA-‘, reflecting the Group’s strong capitalization and cash flow position; its good competitive position in the highly specialized oil, gas and petrochemical industries; and its commendable operational performance and safety track record. Incorporated in 1989, DIALOG is principally an investment h...