MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM28.5 million outstanding Redeemable Convertible Unsecured Loan Stocks (RCULS) with a stable rating outlook. The rating continues to reflect the strength and stability of the income stream of wholly-owned subsidiary Southern Water Corporation Bhd (SWC) and 49% associate company Equiventures Sdn Bhd (ESB), as well as AI...

MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook has been revised to stable from developing to reflect the satisfactory build-up of its sinking fund account (SFA) ahead of the November 2011 redemption of the RCULS and improved clarity regarding the status of the bulk water conces...

MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook remains developing to reflect uncertainties arising from the current ongoing industry-wide restructuring that involves among others migration of concessions to a new licensing regime or the option for existing water operators to co...

MARC has reaffirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating carries a developing outlook.The rating is reaffirmed based on strong water demand in the state of Johor, and the predictable income streams of its wholly-owned subsidiary, Southern Water Corporation Sdn Bhd (SWC) and 49% owned associated ...

MARC has reaffirmed Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) rating of A with a developing outlook. The rating was reaffirmed based on the strong operational and consolidated financial performance as well as strong growth in water demand in the state of Johor. AIRB was established to undertake the restructuring scheme (th...

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 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...