MARC has affirmed its AAA(bg) and AAA(fg) ratings on investment holding company Premier Merchandise Sdn Bhd’s (Premier Merchandise) RM300 million seven-year bank-guaranteed Medium-Term Notes (MTN) Programme (Tranche 1) and RM300 million nine-year Danajamin-guaranteed MTN Programme (Tranche 2) respectively. The outlook for both ratings is maintained at stable. The affirmed rating on Tranche 1...

MARC has affirmed the AAAID rating on Gas Malaysia Berhad’s (Gas Malaysia) RM500 million Al-Murabahah Medium-Term Notes (MTN) programme with a stable outlook. The rating incorporates Gas Malaysia’s strong competitive position in natural gas distribution in Peninsular Malaysia, which is supported largely by reliable supply of natural gas from national oil and gas company Petroliam Nasio...

MARC has affirmed its rating of AAA(fg) on KMCOB Capital Berhad’s (KMCOB) guaranteed serial bonds (Guaranteed Serial Bonds) of up to RM320 million with a stable outlook. The rating and outlook are premised on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin), which carries MARC’s insurer financial strength rating of AAA/stable. As ...

MARC has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) respectively. The outlook on the ratings is stable. The affirmed ratings take into consideration the satisfactory traffic performance of Kesturi’s 18-kilometre (km) Duta-Ul...

MARC has assigned preliminary ratings of MARC-1IS and AA-IS to port operator Northport (Malaysia) Bhd’s (NMB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme respectively (collectively known as Sukuk Musharakah Programmes) with a joint limit of up to RM1.5 billion. The outlook on the ratings is stable. The ratings incorporate NMB’s strategic im...

MARC has affirmed the ratings of DHTI Capital Sdn Bhd’s (DHTI Capital) RM110.0 million Islamic Commercial Papers (ICP)/Islamic Medium Term Notes (IMTN) (Senior Notes) facility and RM10.0 million Junior IMTNs (Junior Notes) facility at MARC-1ID /AAID and A+ID respectively. The outlook on the ratings is negative. The affirmed ratings are premised on the credit quality of the assigned lease re...

MARC has received confirmation that Kimanis Power Sdn Bhd’s (KPSB) third generating block (GB3) has achieved its commercial operation date (COD) on November 7, 2014 after successfully completing its third reliability run. This has addressed concerns the rating agency had which were highlighted in an update on October 28, 2014 following GB3’s inability to achieve COD after two rounds o...

MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million Medium-Term Note Programme (MTN) with a stable outlook. The affirmed rating reflects Sports Toto’s strong cash flow generation from its Numbers Forecasting Operations (NFO) and entrenched market position in Malaysia’s gaming sector. The rating is moderated by significant regulator...

MARC has affirmed its AAA insurer financial strength (IFS) rating on Danajamin Nasional Berhad (Danajamin) with a stable outlook. The affirmed IFS rating is premised on the status of Danajamin as a government-sponsored and -owned financial guarantee insurer (FGI) and the perceived high government support owing to the FGI’s role in the domestic sukuk and bond markets. The IFS rating also incorpo...

MARC is issuing this update on WCT Holdings Berhad (WCT Holdings) following the recent announcement by its subsidiary WCT Land Berhad that it will acquire 89.3 hectares of land parcels in Serendah, Selangor, for RM115.4 million. The land parcels, which are adjacent to the group’s existing land bank, are expected to provide a fairly large contiguous land area for potential township developme...