The proposed 10-year Medium-Term Notes (“MTN”) programme represents a structured transaction involving the assignment of contract proceeds due from Syarikat Perumahan Negara Berhad (“SPNB”), wholly owned by the Ministry of Finance Incorporated, to the Issuer, Tirai Impresif Sdn Bhd (“Tirai”); in respect of two contracts to supply and install roof tiles and galva...

MARC has assigned ratings of AAA and AAA/MARC-1 to Free Zone Capital Berhad’s (FZCB) proposed issuance of RM410.0 million fixed-rate serial bonds and up to RM70.0 million Commercial Papers/Medium-Term Notes (CP/MTN) respectively. The ratings are premised on the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s pro...

MARC has affirmed the long and short-term ratings of WCT Engineering Berhad’s (“WCT’s”) Islamic Fixed Rate Serial Bonds of RM100 million and 7-year Islamic Commercial Papers/Medium-Term Notes Programme of up to RM100 million (“Islamic CP/MTN”) (collectively known as Islamic Securities or IS) at A+ID and MARC-1ID/A+ID  respectively with a stable outlook. The...

The corporate debt rating of PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme has been downgraded from A (A flat) to A- (A minus) with a stable outlook. The rating reflects MARC’s concerns over cost overruns and as yet unsettled variation order (VO) claims in the company’s Melut Basin Marine Export Terminal Project in Sudan which has weakened the Group’s...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium-Term Notes (“MTN”) issuance programme rating has been affirmed at AAA by MARC. The rating signifies the Government of Malaysia’s (“GOM”) unconditional and irrevocable obligation to repay the acknowledged sum on the stipulated date stated on Facility Payment Certific...

MARC has reaffirmed Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility at MARC-2ID/A-ID (A minus, Islamic Debt). The ratings reflect the support  provided by the irrevocable and unconditional corporate guarantee granted by PMSB’s holding company, Mitrajaya Holdings Berhad (MHB) a company listed on the main Board of Bursa Malaysi...

Jana Niaga Sdn Bhd (“JNSB”) RM100 million Murabahah Underwritten Notes Issuance Facility’s (“MUNIF”) rating has been downgraded to MARC-3 ID from MARC-2 ID (2004). The rating action stems from the failure by Universiti Industri Selangor (“UNISEL”) to meet the minimum rental payments guaranteed (based on guaranteed student numbers and full occupancy of staf...

MARC has assigned ratings of AAA/MARC-1 rating to Valid Ventures Berhad’s (VVB) proposed issuance of RM510.0 million fixed-rate serial bonds and up to RM85.0 million Commercial Papers/Medium-Term Notes Programme (CP/MTN). The ratings reflect the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s project; the national importanc...

MARC has assigned ratings of MARC-2ID/ A-ID to Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial Papers (“MCPs”) Programme and Murabahah Medium-Term Notes (“MMTNs”) Programme. The ratings reflect Prinsiptek’s improved financial and capitalised position; its track record in the construction arena and its foray into property development to diversify its income base....

WCT Engineering Berhad’s (WCT) proposed additional indebtedness, primarily for its construction projects in Qatar will result in a higher debt level, rising from 0.7 times in FY2004 to 0.9 times currently. Whilst this level is marginally high for the current ratings of A+ID for long term and MARC-1ID for short term, it is moderated by WCT’s excellent record on its overseas projects to-date, ex...