MARC has placed its AA-ID rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Positive following the announced signing of a Master Agreement on March 11, 2009 by the federal government, Johor state government, Syarikat Air Johor Sdn Bhd (SAJSB), Ranhill Utilities Berhad (RUB), Pengurusan Aset Air Berhad (PAAB) and SAJH.  ...

MARC has reaffirmed its rating on SAJ Holdings Sdn Bhd’s (‘SAJH’) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA- ID with a stable outlook. The rating is premised upon SAJH’s dominant position as the sole distributor of treated water in the State of Johor; robust water demand; improved financial performance in FY2007; low operating risk and improved ...

MARC has reaffirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long term rating of AA-ID with a stable 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 agreed rate of return to the company and a fairly tight iss...

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 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...