MARC has affirmed its MARC-1/A+ ratings on RUN Holding SPV Berhad’s (RUN SPV) First Series of RM200 million under its RM500 million Commercial Papers/Medium Term Notes Programme (the notes) and maintained the developing outlook on the ratings. RUN SPV is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the notes to purchase Redeemable Unconvertible J...

MARC has affirmed its A rating on Berjaya Land Berhad's (BLand) Secured Exchangeable bonds due 2011. Concurrently, MARC has revised the rating outlook from developing to stable to reflect reduced liquidity concerns with the expiry of bond put options substantially unexercised. The current outstanding principal amount is RM711 million, reduced from RM882.0 million since MARC's last rating action in...

MARC has revised its outlook on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM780 million Sukuk Istisna to developing from stable. The outlook revision reflects MARC's view that the risk of events leading to a downgrade is balanced by the refinancing plan initiated by Kesturi to address a potential shortfall in debt service by October 2010. Since opening, th...

MARC has affirmed its AAIS rating on special purpose vehicle Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme, with the rating outlook maintained at stable. The proceeds from the issue were used to fund the purchase of Mercu UEM, UEM Group Berhad’s (UEM) corporate headquarters, from First Impact Sdn Bhd (FISB). The affirmed rating reflects the credit st...

MARC has placed its issue ratings on Tanjung Langsat Port Sdn Bhd (TLP) on MARCWatch Negative. The rating action affects the following issuances: TLP's RM250.0 million Sukuk Musyarakah (Sukuk Musyarakah) rated at AA-IS, and its RM135 million Musyarakah Commercial Papers/Musyarakah Medium Term Notes Programme (MCP/MMTN) rated at MARC-1ID/AA-ID. The MARCWatch Negative placement reflects MARC's conce...

MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah to A+IS from AA-IS. The outlook is stable. Vastalux Capital is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux), incorporated for the purpose of issuing the Sukuk Musyarakah largely to fund Vastalux’s working capital in relation to oil and gas services ...

MARC has affirmed the ratings on Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) with a nominal value of up to RM300 million at  MARC-1ID(cg)/AA-ID(cg). The ratings carry a stable outlook. The ratings are based on the support provided by a corporate guarantee extended by Gamuda Berhad (Gamuda) for the MCP/MMTN programme issued by its indirec...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+ and the utility's Islamic debt ratings as follows:RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility at AA+ID;RM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AA+ID; andRM1.5 billion Murabahah Commercial Papers and Murabahah Medium Term Notes at MARC-1ID/AA+ID.MARC has revised its ratings outlook to stable from d...

MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook has been revised to stable from developing to reflect the satisfactory build up of its sinking fund account (SFA) ahead of the November 2011 redemption of the RCULS and improved clarity regarding the status of the bulk water conces...

MARC has affirmed its MARC-1IS /AA-IS ratings on TSH Sukuk Ijarah Sdn Bhd’s (TSH Sukuk) issue of up to RM100 million Sukuk Ijarah Commercial Papers (ICP) and up to RM300 million Sukuk Ijarah Medium Term Notes (IMTN) programmes. Concurrently, it has revised the ratings outlook to developing from stable. TSH Sukuk, a wholly-owned subsidiary of TSH Resources Berhad (“TSH” or “...