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MARC maintains Press Metal Berhad’s (Press Metal) BBB rating on the outstanding Redeemable Convertible Secured Loan Stock (RCSLS) with detachable warrants on MARCWatch Negative. The rating was first placed on MARCWatch Negative on July 3, 2013 following the shutdown of Press Metal’s aluminium smelting plant in Mukah, Sarawak, as a result of damage suffered from the recent power outage ...
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MARC has removed its AA-ID rating on Maju Expressway Sdn Bhd's (MESB) RM550.0 million Islamic Medium Term Notes (IMTN) Programme from MARCWatch Negative and affirmed the rating with a stable outlook. MESB holds the concession for the 26-kilometre Maju Expressway (MEX) which links the Kuala Lumpur City Centre with Putrajaya and Cyberjaya. MARC had put MESB on negative watch on September 5, 2013, la...
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MARC has affirmed its rating on ANIH Berhad's (ANIH) RM2.5 billion Senior Sukuk Musharakah Programme (Sukuk Programme) at AAIS with a stable outlook. ANIH is the concessionaire for the Kuala Lumpur-Karak Highway (KL-Karak), Phase 1 of the East Coast Expressway (ECE1) and the Kuala Lumpur-Seremban Expressway (KL-Seremban). The affirmed rating continues to be underpinned by the strong competitive po...
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MARC today has downgraded its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme to DID from CID. The rating agency has also removed Perwaja’s rating from MARCWatch Negative where it has been placed since April 17, 2013. The rating actions follow Perwaja’s failure to meet its repayment of RM50.0 million MMTN due on September 2...
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MARC has affirmed its AAAID and AAAIS ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances as follows:- (i) RM3.0 billion Sukuk Musharakah Programme (due 2032) (ii) RM1.5 billion Sukuk Musharakah Medium Term Notes (MTN) Programme (due 2033) (iii) RM1.5 billion Murabahah Notes Issuance Facility (MUNIF) (due 2015) (iv) RM2.2 billion M...
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MARC has assigned preliminary ratings of AA-IS and A- to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed issuances of up to RM2,300 million in nominal value Islamic medium term notes programme (Sukuk Musharakah or Senior Sukuk) and RM180 million redeemable secured junior bonds (Junior Bonds) due 2034, respectively. The rating outlook is stable. Kesturi is the concession holder o...
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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. The affirmed ratings and outlook are underpinned by the financial guarantee provided by Danajamin Nasional Berhad (Danajamin) for the sukuk. MARC currently rates Danajamin’s financial strength at AAA/Stable based on the financial insurer&r...
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MARC today has downgraded its Islamic debt rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400 million Murabahah Medium Term Notes (MMTNs) Programme to CID from BBID. The rating remains on MARCWatch Negative where it has been placed since April 17, 2013. Perwaja has outstanding RM110.0 million notes under its MMTN Programme, of which RM50.0 million is due for repayment on September 25, 2013.Th...
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MARC has withdrawn its AA+IS rating on Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah Medium-Term Notes Programme of up to RM800.0 million. The withdrawal follows the early termination of the facility as confirmed by the facility agent RHB Investment Bank Berhad on September 9, 2013. No sukuk were outstanding under the facility prior to cancellation. MARC’s analytical covera...
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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 reflects an anticipated base-load position of the project, a 285-megawatt (MW) combined-cycle gas turbine power plant in Kimanis Bay, on the Sabah state's electricity dispatch curve. Other credit strengths of the project include its supportive long-term p...
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