MARC has revised its rating outlook on its corporate debt ratings of WCT Engineering Berhad (WCT) and WCT Land Berhad (WCTL) to positive from stable. The following ratings are affected: (1) WCT’s A+ID rating on its RM100 million Islamic Fixed Rate Serial Bonds and its A+ID/MARC-1ID ratings on its RM100 million Islamic Commercial Papers / Medium Term Notes Programme, and (2) WCTL’s A+(cg) rating on its RM132 million Convertible Redeemable Debt Securities. The outlook revision follows a review of WCT’s unaudited results for the nine months ended 30 September 2007. Both revenue and profit after tax have doubled in comparison to the previous corresponding period in 2006. The Company’s favourable track record in construction projects in the Middle East has enabled WCT to grow its order book to RM5.8 billion, providing strong earnings visibility for the next two years.

WCT is principally involved in civil engineering and construction works with projects in Malaysia, Bahrain, Qatar, Abu Dhabi and Dubai. WCT Group is also involved in property development and property investment through its 64.83% owned subsidiary, WCTL. WCTL’s flagship development is Bandar Bukit Tinggi in Klang.