MARC has affirmed the AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating is aligned to MARC’s recently affirmed AAA/stable public information rating on the state of Sarawak. The BaIDS are rated at the same level as the Sarawak State Government (SSG) based on the high likelihood ...

MARC has affirmed the ratings of MARC-1(bg)/AAA(bg) on Tranche A of Legolas Capital Sdn Bhd’s (Legolas) RM105.0 million Commercial Paper/Medium Term Notes (CP/MTN) Programme and MARC-1(bg)/AA+(bg) on Tranche B RM110.0 million CP/MTN Programme. The ratings carry a stable outlook. Legolas is a special purpose issuing vehicle established for the sole purpose of raising funds for the development...

MARC has assigned a rating of AA- to WCT Berhad’s (WCT) RM600 million serial fixed rate bonds with 193.7 million detachable warrants. The outlook for the rating is stable. The proceeds from the issue will be used to fund the repayment of its upcoming debt maturities totalling RM350 million in FY2011 and FY2012 as well as working capital requirements of the group. The assigned rating incorpor...

MARC has affirmed its ratings of B and B- on Talam Corporation Berhad's (Talam) RM356.25 million Redeemable Convertible Secured Loan Stocks (RCSLS) and RM257.40 million Redeemable Convertible Preference Shares (RCPS) respectively. The outlook on the ratings has been revised to negative from stable. MARC is also withdrawing both ratings with immediate effect at the request of the issuer and will no...

MARC has affirmed its AAAID /MARC-1ID and AAAIS ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances as follows:- RM570 million Bai Bithaman Ajil (BBA) Bonds Issuance Facility (due 2013) RM850 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Serial Bonds Issuance Facility (due 2015) RM1.5 billion Murabahah Notes Issuance (MUNIF) Facility (due 2015)RM2.2 billio...

MARC has withdrawn its AAA ratings on Free Zone Capital Berhad’s (FZCB) and Valid Venture Berhad’s (VVB) Fixed Rate Serial Bonds of RM410 million and RM510 million respectively. The ratings withdrawal follows the confirmation that the facilities have been fully redeemed and cancelled on November 26, 2010 and November 30, 2010 respectively, as confirmed by the facility agent OSK Investm...

MARC has withdrawn its AAA ratings on Free Zone Capital Berhad’s (FZCB) and Valid Venture Berhad’s (VVB) Fixed Rate Serial Bonds of RM410 million and RM510 million respectively. The ratings withdrawal follows the confirmation that the facilities have been fully redeemed and cancelled on November 26, 2010 and November 30, 2010 respectively, as confirmed by the facility agent OSK Investm...

MARC has affirmed its AA-IS rating on MNRB Holdings Berhad's (MNRB) RM200 million Islamic Medium-Term Notes (IMTN) with a negative outlook. The negative outlook reflects MNRB's weak company-level cash flow coverages and liquidity in addition to the high level of double leverage at the investment holding company level. Dividends received to interest paid coverage at the holding company declined bel...

MARC has affirmed its MARC-1IS/AA-IS ratings on TSH Sukuk Ijarah Sdn Bhd's (TSH Sukuk) RM400 million Sukuk Ijarah Commercial Paper (ICP)/Sukuk Ijarah Medium Term Notes (IMTN) programme and revised the outlook on the ratings to stable from developing. TSH Sukuk is a special purpose funding vehicle created to facilitate the issuance of the notes under the rated programme on behalf of plantation-base...

MARC has placed Maxtral Industry Berhad's (Maxtral) following Islamic debt ratings on MARCWatch Negative:The AID rating on its RM80.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) facility; andThe MARC-2ID/AID ratings on its RM20.0 million Murabahah Underwritten Notes Issuance/Murabahah Medium Term Notes (MUNIF/MMTN) facilities.The rating action reflects a slower-than-expecte...