MARC has downgraded the rating on Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) to B+ from BB. The lowered rating reflects the company’s continued pre-tax losses in the fiscal year ended June 30, 2008 (FY2008), its weak near-to-immediate term business outlook, and MARC’s concerns regarding its increased business and financial risks. Mit...

MARC has affirmed the A+ long-term rating of Puncak Niaga Holdings Bhd’s (PNHB) RM546.875 million Redeemable Unconvertible Junior Notes with detachable warrants (RUN). Concurrently, MARC has revised the rating outlook to developing from stable to reflect the noteholders increased exposure to the proposed restructuring of the Selangor state’s water industry. PNHB had announced on Februa...

MARC has withdrawn the MARC-1ID/A+ID  ratings assigned to Atlan Holdings Berhad’s RM90 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes with immediate effect following confirmation by the facility agent, MIDF Amanah Investment Bank Berhad, of an early cancellation of the facility on March 6, 2009, ahead of its original maturity date on October 5, 2011.C...

MARC has affirmed Puncak Niaga (M) Sdn Bhd’s (PNSB) ratings of AAID on its RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and A+ respectively on both its RM546.875 million Junior Notes A (A Notes) and RM435.0 million Nominal Value Redeemable Unsecured Bonds (RUBs). The AAID rating of the BaIDS acknowledges the legal priority of the secured debt over the other rated obligati...

MARC has affirmed the AAA rating of Gerbang Perdana CIQ Sdn Bhd’s (Gerbang Perdana CIQ) RM1.7 billion Seven Year Medium-Term Notes (MTN) Programme. Gerbang Perdana CIQ, a special-purpose vehicle wholly owned by Gerbang Perdana Sdn Bhd (GPSB), was incorporated to raise financing for its parent company against payment certificates issued by the Government of Malaysia (GOM) in respect of a proj...

MARC has assigned ratings of AAAIS and MARC-1IS to Pinnacle Tower Sdn Bhd’s (PTSB) RM400.0 million Islamic Medium-Term Notes (IMTN) and RM50.0 million Islamic Commercial Papers (ICP) (Islamic Securities), respectively. The ratings carry a stable outlook. PTSB, wholly-owned by Sarawak-based Sacofa Sdn Bhd (Sacofa), was incorporated for the sole purpose of raising financing via the issuance of...

MARC continues to maintain MK Land Holdings Bhd’s (MK Land) BBB+ rated RM60.0 million outstanding bonds on MARCWatch Negative. The company was first placed on MARCWatch Negative on May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account. MK Land has since met the timeline to place RM30.0 million into the sinking fund account be...

MARC has withdrawn the MARC-1ID/ AA-ID ratings assigned to TSH Resources Berhad’s RM100 Million Murabahah Commercial Papers/ Medium Term Notes Programme (Facility) with immediate effect following confirmation from the facility agent, Maybank Investment Bank Berhad, of an early cancellation of the Facility on February 12, 2009, ahead of its original maturity date on May 29, 2009. Contact...

MARC has affirmed its A- rating of Bintang Bulk Movers Sdn Bhd (BBM) with respect to its RM50 million bonds. The final RM20 million tranche of the bonds is due to be redeemed in April 2009. BBM’s rating outlook is revised to negative, from stable, to reflect slower-than-expected buildup in the facility’s sinking fund account (SFA) vis-à-vis RM20 million redemption of its final t...

MARC has affirmed the ratings of AAA(cg)/MARC-1(cg) and AAAID(cg)/MARC-1ID(cg) on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Paper and Medium Term Notes (CP/MTN/ICP/IMTN) Programme. The ratings reflect the credit strength of the corporate guarantee extended by its parent company, UK-based Tesco PLC (Tesco plc) for the rated facilities...