MARC has affirmed the AAIS rating on toll road concessionaire ANIH Berhad's (ANIH) RM2.5 billion Senior Sukuk Musharakah Programme (Sukuk Programme) with a stable outlook. The affirmed rating continues to incorporate ANIH’s overall stable traffic performance of its matured toll road concessions namely Kuala Lumpur-Karak Highway (KL-Karak), Phase 1 of the East Coast Expressway (ECE1) and the ...

MARC has assigned a preliminary rating of AA-IS with a stable outlook to WCT Holdings Berhad’s (WCT Holdings) proposed RM1.5 billion 15-year Sukuk Murabahah programme. Concurrently, MARC has affirmed its existing debt ratings with a stable outlook on WCT Holdings’ outstanding issuances as follows:RM300 million 7-year Islamic Commercial Paper (ICP)/Islamic Medium-Term Notes (IMTN) Progr...

MARC has placed its ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Papers/Medium-Term Notes Programme on MARCWatch Negative. The rating action follows an announcement by Tesco Malaysia’s parent company UK-based Tesco PLC (Tesco) that it has identified an overstatement of its expected profit by about £250 million for...

MARC withdraws its rating of AAAID(s)/stable on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds following the full redemption of the final series of bonds of RM61.0 million together with its profit payment on the maturity date of September 19, 2014 as confirmed by the facility agent. Upon the withdrawal of the rating, MARC will no longer be prov...

MARC is issuing this rating update as part of its ongoing surveillance on Talam Transform Berhad's (Talam) Settlement Bithaman Ajil Debt Securities (Settlement BaIDs). MARC notes that Talam’s wholly-owned subsidiary, Ample Zone Sdn Bhd (Ample Zone), has now fully settled its Sukuk Al-Ijarah obligations on which the company missed principal payments in January 2012. With this full settlement ...

MARC has withdrawn its MARC-2ID/A+ID ratings on Alam Maritim Resources Berhad’s (Alam Maritim) RM100 million Murabahah Commercial Papers/Medium-Term Notes (MCP/MMTN) facility. The withdrawal follows the expiry of the programme on July 25, 2014. MARC’s analytical coverage on Alam Maritim is now limited to the RM500 million Sukuk Ijarah Medium-Term Notes (MTN) facility, currently rated A...

MARC has assigned a final rating of AIS to Bank Muamalat Malaysia Berhad’s (Bank Muamalat) Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion under the Islamic principle of Wakalah Bi Al-Istithmar with a stable outlook. Upon review of the final documentation of the Senior Sukuk, MARC is satisfied that the terms and conditions of the Senior Sukuk have not changed in any mate...

MARC has affirmed the rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook based on the irrevocable and unconditional guarantee from Danajamin Nasional Berhad (Danajamin) on the rated sukuk. MARC has AAA/Stable rating on Danjamin reflecting, among other factors, the financial insurer’s status as a government-spons...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The rating incorporates the impending commencement of full commercial operations of KPSB’s 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay in Sabah and its long-term power purchase agreement (PPA) with a creditworthy utility, Sabah Electr...

MARC has affirmed its rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme at AAAIS. Concurrently, the outlook on the rating has been revised to negative from stable. CNSB owns the core network assets of its parent Celcom Axiata Berhad (Celcom) and serves mainly as a network service provider to the Celcom group. The rating and outlook of CNSB are derived from th...