MARC has downgraded its Sukuk ratings on Offshore Works Capital Sdn Bhd's (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A+IS and MARC-2IS /A+IS from AA-IS and MARC-1IS/AA-IS respectively. The rating action resolves the MARCWatch Negative status of OWC's rated obligations, which was initiated on Novem...

MARC has affirmed its ratings of MARC-2ID/AID on Symphony House Berhad's (Symphony) RM100.0 million Islamic Commercial Papers/Medium Term Notes (Islamic CP/MTN) Programme with a stable outlook. The rating action affects RM35 million of outstanding Islamic MTNs.Symphony is a holding company. Through its subsidiaries, the company provides business process outsourcing (BPO) services, cheque processin...

MARC has withdrawn the ratings of MARC-1(bg)/AAA(bg) on Tranche A of Legolas Capital Sdn Bhd’s RM105 million CP/MTN Programme and MARC-1(bg)/AA+(bg) on Tranche B RM110.0 million CP/MTN Programme with immediate effect. The ratings withdrawal follows the full redemption and cancellation of the programmes on January 6, 2011, as confirmed by the joint lead arrangers, Maybank Investment Bank Berh...

MARC has upgraded Tenaga Nasional Berhad’s (TNB) issuer and Islamic debt ratings to AAA and AAAID respectively from AA+ and AA+ID. The rating action affects the following outstanding issues: i) RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility; and ii) RM2.0 billion Al-Bai’ Bithaman Ajil Bonds. The outlook is stable.The upgrade of TNB's rating reflects MARC's revised assumptio...

MARC has affirmed the ratings of Dura Palms Sdn Bhd’s (Dura Palms) RM100 million Series A, RM90 million Series B and RM10 million Series C Sukuk Ijarah at AAAIS, AAIS and AIS respectively. The ratings carry a stable outlook. The rating action affects RM150.0 million of outstanding Sukuk. Dura Palms is a special purpose company and wholly-owned subsidiary of Teck Guan Holdings Sdn Bhd (Teck G...

MARC has upgraded the long-term Islamic debt rating of Bayu Padu Sdn Bhd (Bayu Padu) to AA-ID from A+ID and affirmed the company's short-term Islamic debt rating at MARC-1ID. The outlook for the ratings is stable. The rating action affects RM250 million of outstanding Istisna' Serial Bonds (Istisna' Bonds) maturing from 2012 through 2015, and RM100 million Murabahah CPs issued under Bayu Padu's Mu...

MARC has affirmed its AAAID long-term rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. The rating reflects GDC Putrajaya’s position as the sole supplier of chilled water to all government premises in Putrajaya as well as the commercial buildings owned by Putrajay...

MARC has assigned ratings of A+IS and A-IS to Senai-Desaru Expressway Berhad's (SDEB)  RM1.89 billion nominal value Senior Sukuk Ijarah Medium Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium Term Notes (Junior Sukuk) Programme respectively. Proceeds from the issuance are to primarily refinance existing debt of SDEB. The ratings outlook is stable...

MARC has affirmed the rating of Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion Medium-Term Notes (MTN) Programme at AAA. The rating carries a stable outlook. The MTNs are fully secured by Facility Payment Certificates (FPC) issued by the government in lieu of payment of construction receivables relating to the construction of the new integrated Customs, Immigration and Quarantine (CIQ) ...

MARC has affirmed its AA+ rating on State Bank of India’s (SBI) Senior Unsecured Bonds of RM500 million. The rating reflects SBI’s very high systemic importance as the largest bank in India, its robust market franchise, stable income generation and strong liquidity position. The rating also incorporates SBI’s ownership structure and the likelihood of external support from its maj...