MTD Prime Sdn Bhd’s (MTD Prime) Al-Bai Bithaman Ajil Islamic Debt Securities (BAIDS) rating is reaffirmed at AA-ID. This reflects the continuous traffic growth at the KL – Karak Highway being above the Government’s guaranteed traffic volume; and the strength of the company’s financial profile underpinned by the strong revenue growth.MTD Prime is the concession holder of t...

MARC has reaffirmed the long term and short term ratings on Gas District Cooling (KLIA) Sdn Bhd’s (GDC KLIA) CP/MTN at AAID/MARC-1. The ratings reflect GDC KLIA’s captive offtake demand for its chilled water and electricity, strong shareholder support, consistent financial performance reflected by improving debt leverage position and robust profit margin. GDC KLIA operates and mainta...

Following the uplift of the negative outlook, the reaffirmation of the ratings on Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1,020 million Bai Bithaman Ajil Islamic Debt Securities, RM350 million Murabahah Commercial Papers/Medium Term Notes and RM546.875 million Junior Notes A reflects the Federal Government’s assistance in the partial settlement of the long outstanding trade receivables o...

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 the perfected security interest of the RUN ...

MARC has assigned a long term rating of AA-ID (Double A Minus Islamic Debt) on SAJ Holdings Sdn Bhd’s (SAJH) RM1.280 billion Bai Bithaman Ajil Serial Bonds which will be utilized to redeem the existing RM680 million BaIDS, to finance any premiums payable to Noteholders on redemption of the existing BaIDS and to part finance SAJH’s capital expenditure. The rating is supported by its p...

MARC has reaffirmed the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil debt securities. The rating reflects the perceived strong demand for the Kajang Traffic Dispersal Ring Road to relieve severe traffic congestion in the Kajang District as a primary urban road linking the populous districts of Balakong, Sungai Long, Semenyih, Bangi, Ka...

The reaffirmation of GDC Putrajaya Sdn Bhd’s (GDC Putrajaya) BaIDS’ rating at AAA reflects the strength of the project with assured demand for the production and supply of chilled water to Government premises in Putrajaya; minimal credit risk with the Government and Putrajaya Holdings as the main offtakers; strong financial support from its ultimate shareholder, Petroliam Nasional Be...

The ratings of MARC-1ID/AA+ID and AA+ID (Islamic Debt) assigned to 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 respectively, reflect its strong ownership structure, highly regulated industry, dominant position in the gas distribution business, efficient operations and a...

The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities facility at AAA(s) reflects the strength of the support provided by the State Government of Sarawak in ensuring the timely and full redemption of the BaIDS facility. Hence, the current rating of KPA reflects the credit strength of the state of Sarawak which is superior to KPA’s credit standing. The strong in...

The AA+ID rating accorded to Kapar Energy Ventures Sdn Bhd’s (KEV) proposed RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rating of AA+ from...