MARC has affirmed WCT Berhad’s (WCT) issue ratings as follows:RM300 million Redeemable Sukuk with Warrants at AA-ISRM300 million Islamic Commercial Papers/Medium Term Notes (CP/MTN) at MARC-1ID/AA-IDRM100 million Islamic Fixed Rate Serial Bonds at AA-IDRM100 million Islamic CP/MTN at MARC-1ID/AA-IDThe outlook on the ratings is revised to developing from negative. The rating action reflects M...

MARC has affirmed the rating of Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion 7-year Medium-Term Notes (MTN) Programme at AAA. The notes are fully collateralised by post-construction receivables of the Government of Malaysia (GOM) related to the construction of the integrated Customs, Immigration and Quarantine (CIQ) Complex project in Johor Bahru (JB). Accordingly, the affirmed rating...

MARC has upgraded Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium-Term Notes (MMTN) programme rating to AAID from AA-ID. ISPV is a special purpose company incorporated to facilitate the issuance of the MMTN to finance the purchase of completed telecommunication towers and infrastructure from its holding company, Instacom Engineering Sdn Bhd (IESB), a sub-contractor of telecommun...

MARC continues to maintain Matang Highway Sdn Bhd’s (Matang) AA-IS rating on its RM70.0 million Sukuk Musharakah issuance on MARCWatch Negative where it had been placed since August 6, 2009. The rating was originally placed on MARCWatch Negative to highlight MARC’s concerns over the delay in Matang’s second phase of construction of the Matang Route Project (Revised Matang Route o...

MARC has affirmed the rating of MARC-2ID for Prinsiptek Corporation Berhad’s (Prinsiptek) Murabahah Commercial Paper (MCP) Programme of up to RM30 million. The negative outlook for the rating is maintained.  The affirmed rating reflects recent progress albeit slow, made in collecting its past due receivables, meaningful reduction in its debt burden and an order book position which provi...

MARC has assigned ratings of MARC-1/AA- to IJM Corporation Berhad’s (IJM) proposed RM1.0 billion Commercial Papers/Medium-Term Notes Programme. Concurrently, MARC has affirmed IJM’s MARC-1/AA- ratings on its existing RM300 million Commercial Papers/Medium-Term Notes Programme. The ratings reflect the Group’s strong market positions in construction and property development and its...

MARC has removed its AAA and MARC-1/AAA ratings on Port Klang Free Zone (PKFZ)-related debt issuances from MARCWatch Negative where they were first placed on July 1, 2009. Concurrently, MARC has attached a negative outlook to the ratings. The rating actions affect the following issues:1. Special Port Vehicle Berhad’s (SPVB) RM1,310 million Asset-Backed Serial Bonds;2. Transshipment...

MARC has placed its rating of AA-IS on Matang Highway Sdn Bhd’s (Matang) RM70.0 million sukuk Musharakah issuance on MARCWatch Negative. The MARCWatch Negative placement highlights that Zecon has fallen behind schedule in the second phase of construction of the Matang Route Project for Jabatan Kerja Raya Sarawak (JKR Sarawak). Matang services its obligations under the rated sukuk with progre...

MARC has placed its debt ratings of AAA and MARC-1/AAA of Port Klang Free Zone (PKFZ) related debt issuances on MARCWatch Negative. The PKFZ related debt ratings involve the following issuers and corresponding debts:Special Port Vehicle Berhad’s (SPV) RM1,310 million Asset-Backed Serial Bond (ABSB);Transshipment Megahub Berhad’s (TMB) RM1,095 million Fixed Rate Serial Bonds (FRSB) and ...

MARC has affirmed its MARC-1/AA- ratings on IJM Corporation Berhad’s (IJM) RM300 million Commercial Papers/Medium-Term Notes (CP/MTN) Programme. The ratings are premised on the group’s below-average business risk profile which is underpinned by strong market positions in construction and property development and its fairly diversified operations across industry segments and key markets...