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MARC has affirmed the following issue ratings on the outstanding bonds and notes backed by deferred payment receivables due from Port Klang Authority (PKA) for the acquisition cost of land and development works in connection with the Port Klang Free Zone (PKFZ) project:Long-term rating of AAA on Special Port Vehicle Berhad’s (SPV) RM1,310.0 nominal amount asset-backed serial bonds facility; ...
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MARC has affirmed its AA-ID rating on highway concessionaire Maju Expressway Sdn Bhd’s (MESB) RM550.0 million Islamic Medium Term Notes (IMTN) Issuance Programme under the Shariah principle of Musyarakah. The rating outlook is stable. Factors that continue to support the rating are improved toll revenue arising from satisfactory traffic growth and a favourable amortisation profile with no de...
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MARC has assigned a AAAIS (fg) rating to Sukuk issued under a RM380 million Islamic Medium Term Notes (IMTN) Programme by Senari Synergy Sdn Bhd (Senari Synergy). The outlook on the rating is stable. The rating and rating outlook reflect MARC's credit rating on Danajamin Nasional Berhad (Danajamin) of AAA/Stable which is providing an unconditional and irrevocable guarantee to meet obligations on t...
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MARC has affirmed its AA- rating on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) Medium Term Note Programme (MTN) of up to RM800 million with a stable outlook. Maintenance of Sports Toto’s rating is premised on the strong cash flow generating ability of its gaming operations and its entrenched market position in Malaysia’s numbers forecast operations (NFO) industry. MARC notes Sp...
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MARC has placed Radicare Sdn Bhd’s (Radicare) issue ratings of MARC-1/A+ on its RM100 million CP/MTN facilities and A+ on its RM50 million MTN facility on MARCWatch Negative due to the increased uncertainty regarding the renewal of Radicare’s hospital support services concession which expires on October 28, 2011. The last rating action was taken on December 16, 2010 to affirm the ratin...
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MARC said today that it had placed its AA-ID(cg) issue rating on KMCOB Capital Bhd's (KMCOB) RM630 Million Murabahah Medium Term Notes (MTN) Programme on MARCWatch Negative. It also placed its AA- issue rating on Scomi Group Bhd's (Scomi) RM500 Million MTN Programme on MARCWatch Negative. The rating actions affect RM480 million of outstanding notes issued by KMCOB and RM200 million of outstanding ...
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MARC has assigned a rating of A- to Press Metal Berhad’s (Press Metal) RM323.7 million Redeemable Convertible Secured Loan Stocks (RCSLS) with 147.2 million detachable warrants (warrants). The outlook for the rating is stable. The rating incorporates the aluminium producer’s exposure to fluctuation in pricing and volume in domestic and export markets, particularly for its primary...
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MARC affirmed its short-term and long-term Islamic debt ratings of MARC-1ID/AAAID on UMW Holdings Berhad (UMW) and maintained its stable outlook on the ratings. The rating actions affect RM610 million of outstanding notes issued under the investment holding company's RM300 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme and RM500 million Islamic Medium Term Notes (I...
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MARC has withdrawn its rating of AIS on Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah with immediate effect. The rating withdrawal follows the redemption of the final tranche of RM15.0 million Sukuk on May 27, 2011 and cancellation of the facility, as confirmed by the trustee, KAF Trustee Berhad.Contacts: Sandeep Bhattacharya, +603-2090 2247 / sandeep@marc.com.my; Jason K...
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MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million with a stable outlook. The rating action affects outstanding bonds of approximately RM1,895.0 million. CMBS 2007-2 represents the fifth residential mortgage-backed securitisation issuance by Cagamas MBS. The transaction’s affirmed rating reflect...
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