MARC has issued an errata notice pertaining to its recent credit analysis report on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) debt ratings. MARC has amended Exhibit 22 which details the cash flow projections provided on page 12 and the analysis on the cash flow projections on page 13 of its rating report on SPRINT, published on April 7, 2017. The updated rating report has accordingly...

MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang highway that serves as a key commuting link for mature catchment areas along the highway. The affirmed rating primarily reflects Cerah...

MARC has affirmed its ratings on special purpose company Inverfin Sdn Bhd’s (Inverfin) RM200 million Medium-Term Notes (MTN) programme comprising RM185 million Tranche A notes and RM15 million Tranche B notes at AAA and AA respectively. The outlook on the ratings is stable. The current outstanding notes is RM160 million under Tranche A while no notes have been issued under Tranche B. The n...

MARC has affirmed its A+IS and AA-(bg) ratings on Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and Bank-Guaranteed Serial Fixed Rate Bonds (BG bonds) respectively. The outlook on the BaIDS has been revised to negative from stable, while the outlook on the BG bonds remains at stable in line with the outlook of the guarantor banks. T...

MARC has assigned final ratings of MARC-1IS/AA-IS to UEM Edgenta Berhad’s RM1,000.0 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programme. The outlook on the ratings is stable. Upon review of the final documentation of the issuance, MARC is satisfied that the terms and conditions of the ICP/IMTN have not changed in any material way from the draft documentation on...

MARC has assigned a preliminary rating of AAIS to BEWG (M) Sdn Bhd’s (BEWG) 8-year RM400 million Sukuk Wakalah with a stable outlook. BEWG is a wholly-owned indirect subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), which in turn is a subsidiary of Beijing Enterprises Holding Limited (BEHL), a state-owned company involved in water, sewerage and natural gas oper...

MARC has affirmed its ratings of AAA on The Export-Import Bank of Korea’s (KEXIM) RM1.0 billion Medium-Term Notes (MTN) programme and AAA/ AAAIS on KEXIM’s Conventional and/or Islamic MTN programmes with a combined nominal value of RM3.0 billion. The outlook on the ratings is stable. The ratings are based on the national rating scale. The ratings on KEXIM are equalised to MARC’s foreig...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The outstanding sukuk amounts to RM500 million. TTM SPV is a funding vehicle for the second phase of the Trans Thailand-Malaysia project (TTM Project Phase II), consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area (JDA) and the industrial c...

MARC has affirmed its AAAIS rating on MISC Berhad's (MISC) RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The outlook on the rating is stable. The affirmed rating reflects a three-notch rating uplift from its standalone rating based on MARC’s assessment of significant operational and financial integration with parent Petroliam Nasional Berhad (PETRONAS) on which the rating agenc...

MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme. The outlook is maintained at negative. The continued negative outlook reflects MHB’s weakening profitability metrics due to higher impairment charges and lower contribution from its key heavy engineering unit (HEU) arising from reduced contract flow...