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MARC has affirmed its ratings of MARC-1ID/AAID and A+ID on Tele-Flow Capital Sdn Bhd’s (Tele-Flow Capital) RM90.0 million MUNIF/IMTN Facility (Senior Notes) and RM10.0 million Junior IMTN Facility (Junior Notes) respectively with stable outlook. The ratings reflect the credit strength of the telecommunication operators (telcos) as the source of repayment for the notes backed by a 10-year lic...
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MARC has affirmed its ratings of MARC-1ID/AAID and A+ID on Cellular Structures Sdn Bhd’s (CSSB) RM60.0 million Senior MUNIF/IMTN (Senior Notes) and RM8.0 million Junior IMTN (Junior Notes) respectively with stable outlook. The ratings reflect the credit strength of the telecommunication operators (telcos) which are contractually obligated to make fixed monthly rental payments for the towers ...
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MARC continues to monitor progress on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) refinancing of its outstanding sukuk. MARC's last rating action on Kesturi's RM780 million Sukuk Istisna was implemented on January 18, 2010 when the rating agency affirmed its A+ID rating on the sukuk and revised Kesturi's rating outlook to developing from stable.Since M...
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MARC is currently conducting a review of its MARC-1ID /AAAID /Stable debt ratings on Sime Darby Berhad (Sime).Sime announced its second consecutive quarterly after-tax loss yesterday. The group posted a fourth quarter after-tax loss of RM53.3 million for the three months ended June 30, 2010 compared to a loss of RM277.5 million for the immediate preceding quarter. Its full year profit for th...
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MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID/AAAID and AAAID respectively with a stable outlook. The ratings are underpinned by Gas Malaysia’s dominant market position as the sole piped natural gas distributor in Peninsular Malay...
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MARC has affirmed its AAA insurer financial strength rating on Danajamin Nasional Berhad (Danajamin). The rating outlook is stable. The rating and outlook on the rating reflect Danajamin’s important role and status as Malaysia’s first and sole financial guarantee insurer (FGI) and its status as a government-sponsored entity. Licensed under the Insurance Act 1996 and regulated under the Insuran...
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MARC has affirmed WCT Berhad’s (WCT) issue ratings as follows:RM300 million Redeemable Sukuk with Warrants at AA-ISRM300 million Islamic Commercial Papers/Medium Term Notes (CP/MTN) at MARC-1ID/AA-IDRM100 million Islamic Fixed Rate Serial Bonds at AA-IDRM100 million Islamic CP/MTN at MARC-1ID/AA-IDThe rating outlook is revised to stable from developing. The rating actions are premised on WCT...
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MARC has affirmed its ratings on KNM Capital Sdn Bhd’s (KNMCap) RM300 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-1ID/AA-ID. The outlook on the ratings is stable. KNMCap is a wholly-owned subsidiary and the funding conduit for KNM Group Berhad (KNM). The ratings reflect the group’s strong market position, well-diversified produc...
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MARC has upgraded the ratings on Hong Leong Financial Group Berhad’s (HLFG) RM800 million Commercial Paper and Medium Term Notes Programme (CP/MTN) to AA/MARC-1 from AA-/MARC-1. The rating upgrade incorporates the demonstrated ability of its main banking subsidiary, Hong Leong Bank Berhad (HLB), to generate solid earnings through the recent challenging period, the sound financial and operati...
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MARC has withdrawn Hytex Integrated Berhad’s (Hytex) ratings of MARC-4ID/B+ID for business reasons. MARC’s last rating action was on July 28, 2010 when the notes were downgraded from MARC-3ID/BBB-ID to MARC-4ID/B+ID. As such, MARC will no longer provide analytical coverage on the MUNIF/IMTN facility which Hytex is currently restructuring.Contacts: Jason Kok, 03-2090 2258/ jason@marc.co...
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