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 maintained a MARCWatch Negative status on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds (FRSB) AA+(s) rating following a review of TMSB’s current credit profile. TMSB’s standalone rating has been downgraded to BBB from A+ to reflect the weak liquidity position of Konsortium Abass Sdn Bhd (Konsortium Abass) and the heightened credit risk for T...

MARC has affirmed its AA+(S) rating on Titisan Modal (M) Sdn Bhd's (Titisan Modal) RM738.0 million Fixed Rate Serial Bonds (FRSB). The developing outlook on the rating has been maintained pending the finalization of the acquisition of the water assets and liabilities of its sole operating subsidiary and bulk water concession company, Konsortium Abass Sdn Bhd (Konsortium Abass), by the Selangor Sta...

MARC has revised the outlook on its AA+(S) rating on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds to developing from stable.  The outlook revision reflects operational uncertainty that is being created by proposals by the new Selangor State Government to restructure the state’s water industry. MARC believes that these proposals could have either neutr...

MARC has affirmed the long term rating of AA+(S) to Titisan Modal (M) Sdn Bhd’s (“TMSB”) issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The ratings affirmation is based on the credit quality of the Selangor State Government which has provided a letter of support for the obligations of TMSB in relation to the serial bonds, which, although not a gua...

MARC has assigned a long term rating of A+ to Titisan Modal (M) Sdn Bhd’s (“TMSB”) proposed issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The rating is a reflection of the water industry in the State of Selangor whereby the demand fundamentals for treated water is unwavering; satisfactory operating performance of the water treatment plant and t...