MARC has reaffirmed its AAAID /MARC-1ID ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances. The facilities affected by this rating action are: - RM765 million Bai Bithaman Ajil (BBA) Bonds Issuance Facility (due 2010) - RM570 million BBA Bonds Issuance Facility (due 2013) - RM850 million BBA Bonds Issuance Facility (due 2013) - RM850 million BBA Serial B...

MARC has reaffirmed its rating on SAJ Holdings Sdn Bhd’s (‘SAJH’) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA- ID with a stable outlook. The rating is premised upon SAJH’s dominant position as the sole distributor of treated water in the State of Johor; robust water demand; improved financial performance in FY2007; low operating risk and improved ...

MARC has upgraded Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 to B from B-. The outlook for the rating is Developing. The upgrade reflects the Group’s improved credit profile and liquidity position which is mainly attributed to significant debt reduction during the past year. Using proceeds from asset sales under its o...

MARC has withdrawn its A- ID rating on Prinsiptek Corporation Berhad’s (Prinsiptek) RM50.0 million Murabahah Medium-Term Notes Programme (MMTN) with immediate effect, following written confirmation from OSK Investment Bank Berhad that the facility was terminated on 25 January 2008. There were no previous issuances of notes under this facility.MARC’s present rating obligation with respe...

MARC has placed long term ratings of Kerisma Berhad’s (Kerisma) RM870.0 million senior secured bonds, RM30.0 million mezzanine secured bonds and RM100.0 million subordinated secured bonds (Bonds) on MARCWatch Negative following a missed interest payment by an obligor belonging to the automotive industry. This most recent default leads MARC to believe that the AAA, AA- and B ratings of the se...

MARC has downgraded the rating of Aegis One Berhad’s (Aegis One) RM100.0 million subordinated secured bonds to D from B to reflect Aegis One’s failure to make ultimate payment of principal on the RM100.0 million subordinated secured bonds by its extended maturity date of December 2007. Aegis One had earlier, redeemed in full its RM900.0 million senior secured bonds in November 2007.As ...

MARC has upgraded its long-term rating on Pembangunan Leasing Corporation Sdn Bhd’s (PLC) Guaranteed Notes Issuance Programme (GNIP) to AA(bg) from A+(bg), and affirmed its MARC-1 (bg) short-term rating on the GNIP. The outlook on the ratings reflects the stable outlook on the guarantor’s rating. The GNIP is guaranteed by Bank Pembangunan Malaysia Berhad (BPMB), PLC’s holding com...

MARC has reaffirmed the rating of AA- IS on Vastalux Capital Sdn Bhd’s (VCSB) RM100.0 million Sukuk Musyarakah. The rating outlook is stable. The rating reflects the credit strength of payment stream arising from the performance of contracts secured from PETRONAS Carigali Sdn Bhd (PCSB). The contracts have tenures and cash flows that match VCSB’s obligations under the Sukuk Musyarakah....

MARC has revised its outlook to positive on Atlan Holdings Bhd’s (Atlan) MARC-2ID/AID ratings of its RM90.0 Million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/ IMTN). The outlook revision follows the announcement of Atlan’s forthcoming acquisition of the entire business undertakings of Naluri Corporation Berhad (Naluri) including all its assets and ...

MARC has removed its MARC-2/A ratings on Axis Incorporation Berhad’s (Axis) RM100.0 million Commercial Papers/Medium Term Notes Programme (CP/MTN) from MARCWatch Developing and withdrawn the ratings with immediate effect. The rating actions follow written confirmation from RHB Investment Bank Berhad of the full redemption and cancellation of the facility today, 22 January 2008.The ratings ha...