MARC has affirmed the ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (bonds) and up to RM85.0 million of Commercial Papers/Medium-Term Notes (CP/MTN) facilities at AAA and MARC-1/AAA respectively. The bonds and CP/MTN are secured by the assignment of rights, titles and benefit of the payment obligations by Port Klang Authority (PKA), pursuant to the Developm...

The rating of BB- accorded to Olympia Industries Berhad’s (“OIB”) RM137,124,246 nominal value of Redeemable Unsecured Loan Stocks (“RULS”) reflects the risks associated with the implementation of the Group’s restructuring scheme. The rating carries a stable outlook.OIB is involved in property investment, construction, stock broking and lotteries/number forecast....

MARC said today that its AA+/MARC-1 ratings on Tenaga Nasional Berhad (TNB) are not expected to be affected by the utility’s recently announced dividend policy.  TNB intends to distribute between 40% and 60% of its annual free cash flow (operating cashflow less normalized capital expenditure and interest servicing) as dividends to shareholders, starting with fiscal year ending August 31...

MARC has assigned a rating of AAA to ABS Samudera Receivables Bhd’s (ASRB) RM25.0 million Notes Series-A under the RM250.0 million Medium-Term Notes (MTN) Programme. The rating of the first issuance of Notes by ASRB is premised on the credit enhancement provided by the sizeable excess spread and a liquidity reserve balance equivalent to approximately RM1.5 million, to be built up progressive...

MARC has placed its A- / MARC-2 ratings on Equine Capital Berhad’s (“ECB”) Commercial Papers / Medium Term Notes Programme on MARCWatch Developing. The MARCWatch placement follows a recent confirmation from the issue’s trustee that a breach in the Debt Service Coverage Ratio (“DSCR”) had occurred as at March 31, 2006. This confirmation from the trustee comes a y...

MARC has downgraded the short term rating of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility from MARC-2ID to MARC-3ID. The downgrade reflects rating concerns arising from developments with respect to ABRAR Discounts Berhad, the principal underwriter of the MONI facility. Rating concerns primarily include increased refinancing risk as a...

On 23 January 2007, MARC placed the following ratings of Intelbest Corporation Sdn Bhd’s (“Intelbest”) on MARCWatch Negative:RM20.0 million Series 1 BaIDS  BBB+IDRM35.0 million Series 2 BaIDS  BBBIDRM55.0 million Series 3 BaIDS  BBBIDRM50.0 million MUNIF  MARC-3 IDThe MARCWatch placement was premised on a shortfall in the amount in the Redemptio...

MARC has lifted the MARCWatch Negative and downgraded the long and short term ratings of Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium-Term Notes (MMTNs) to DID (D, Islamic Debt) following its failure to meet repayment obligations on its RM153 million Commercial Papers on 15 February 2007.MARC had downgraded the...

MARC has lifted its MARCWatch Developing placement on the ratings of PRI and affirmed the long and short term debt ratings of PRI’s RM40.0 million Islamic Commercial Papers/Medium Term Notes Issuance Programme at AID (A Flat, Islamic Debt) and MARC-2ID respectively with a Stable Outlook.MARC had placed the ratings of PRI on MARCWatch Developing on 15 January 2007 in connection with a RM46 mi...

MARC has assigned a long-term rating of AAID (AA Flat, Islamic Debt) with Stable Outlook, to MTD InfraPerdana Bhd’s (MTD InfraPerdana) Islamic Medium-Term Notes (IMTN) programme of up to RM700 million. The rating reflects the robust financial profile of MTD InfraPerdana, which is supported by the strong traffic from the matured toll highways under the stable of its two wholly-owned subsidiar...