MARC has withdrawn its MARC-1/AAA ratings on Valid Ventures Berhad’s (VVB) RM85 million Commercial Papers/Medium Term Notes (CP/MTN) programme. The ratings withdrawal follows the confirmation by the facility agent, OSK Investment Bank Berhad, that the outstanding CP of RM15.0 million was fully redeemed on December 9, 2010 and VVB has unconditionally and irrevocably confirmed the termination ...

MARC has withdrawn the MARC-1/AA- ratings assigned to IJM Corporation Berhad’s (IJM) RM300 million CP/MTN programme with immediate effect following the cancellation of the programme effective November 4, 2010, as confirmed by its facility agent, CIMB Investment Bank Berhad. With the cancellation of the RM300 million CP/MTN programme, MARC’s rating coverage on IJM is now limited to the ...

MARC has affirmed its rating on Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the ratings is revised to negative from stable. The affirmed rating continues to be upheld by stable revenue generation of ACSB supported by the long-term agreement with high credit standing terminal users, namely Petronas Dagangan Berhad (PDB) and Shell Tim...

MARC has affirmed Radicare (M) Sdn Bhd’s (Radicare) ratings on its RM100 million Commercial Papers/Medium Term Notes (CP/MTN) and RM50 million Medium Term Notes (MTN) facilities at MARC-1/A+ and A+ respectively. The rating outlook has been revised to developing from stable to reflect the near-term expiry of Radicare’s 15-year concession agreement in October 2011. The extension of the c...

MARC has affirmed its A rating on Berjaya Land Berhad's (BLand) Secured Exchangeable Bonds due 2011 with the rating outlook maintained at stable. The rating action is premised on the strong collateral coverage afforded under the bond issue structure in which BLand has to maintain at least 130% collateral coverage in the form of pledged shares in its gaming subsidiary, Berjaya Sports Toto Berhad (B...

MARC has affirmed the AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) RM425 million Istisna’ Serial Bonds with a stable outlook. The affirmed rating is primarily underpinned by MARC’s AAA/stable public information rating on Sarawak state based on the state’s strong fiscal performance, low debt burden and fairly strong financial manageme...

MARC said today that it will continue to maintain its MARC-1ID/ A+ID and AA+(s) debt ratings on Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS) and Titisan Modal Sdn Bhd (TMSB) on MARCWatch Negative. The extended MARCWatch placements reflect the lack of positive development on the restructuring of the Selangor water sector.The inability of SYABAS, the sole distributor of treated water for the state...

MARC has placed its AIS rating on Matang Highway Sdn Bhd's (Matang) RM70.0 million Sukuk Musharakah on MARCWatch Negative. The rating action affects RM15.0 million of outstanding Sukuk. Matang is a wholly-owned single-purpose funding vehicle of Zecon Berhad (Zecon). Its payment obligations under the fully-amortising Sukuk are primarily funded by progress payments collected from JKR Sarawak under a...

MARC said today that it will continue to maintain its MARC-1ID/ A+ID and AA+(s) debt ratings on Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS) and Titisan Modal Sdn Bhd (TMSB) on MARCWatch Negative. The extended MARCWatch placements reflect the lack of positive development on the restructuring of the Selangor water sector.The inability of SYABAS, the sole distributor of treated water for the state...

MARC has affirmed its MARC-1/AA- ratings on IJM Corporation Berhad's (IJM) RM1,000 million Commercial Paper/Medium Term Notes Programme with a stable outlook based on IJM's relatively resilient consolidated performance in a challenging economic environment and the rating agency's expectation that industry conditions and operating results will support improvements in IJM's current financial risk pr...