These rating actions reflect the increasingly challenged liquidity positions of the affected issuers arising from the unresolved deadlock in negotiations between the Selangor government, federal government and the water concessionaires on the restructuring of the state's water sector. MARC believes that the unresolved deadlock significantly reduces the likelihood that the restructuring process wil...

MARC has revised its ratings on Puncak Niaga (M) Sdn Bhd (PNSB) and related ratings, following a review of the Selangor water sector ratings which was initiated in June 2010. Concurrently, PNSB and its related ratings have been removed from MARCWatch Negative where they were first placed on June 8, 2010. The two-notch downgrades in PNSB’s senior debt rating on its RM1.02 billion Bai Bithaman...

MARC has affirmed its ratings on Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AAID as well as RM546.875 million Junior Notes A (A Notes) and RM435.0 million Nominal Value Redeemable Unsecured Bonds (RUB) at A+ respectively. The affirmed ratings reflect low demand risk for bulk water, solid historical debt service coverages and adequate...

MARC has affirmed Puncak Niaga (M) Sdn Bhd’s (PNSB) ratings of AAID on its RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and A+ respectively on both its RM546.875 million Junior Notes A (A Notes) and RM435.0 million Nominal Value Redeemable Unsecured Bonds (RUBs). The AAID rating of the BaIDS acknowledges the legal priority of the secured debt over the other rated obligati...

The ratings of Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM546.875 million Junior Notes A (“A Notes”) have been reaffirmed at AAID and A+ respectively. MARC has also affirmed PNSB’s RM435 million Nominal Value Redeemable Unsecured Bonds (“RUBs”) ratings at A+. The ratings ca...

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 with a Stable Outlook. At the same time, the rating of PNSB’s RM546.875 million Junior Notes A (A Notes) has been upgraded to A+. The ratings are support...

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...

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...

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 ratings of Puncak Niaga (M) Sdn Bhd’s (PNSB) ABBA serial bonds, MuCP/MuMTN and junior notes at AAID, MARC-1ID/AAID and A respectively. Concurrently, the negative outlook on the ratings has also been lifted. The ratings reflect amongst others the inherent unfaltering demand for treated water and the Federal Government’s proposed financial support in resolving ...