MARC has reaffirmed the AAA rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. MARC is of the view that the credit quality of the transferred receivables is closely aligned to the credit worthiness of the Government of Malaysia (GOM) who has issued a letter of support affirming the economic importance of the Port Klang Free Zone (P...

MARC affirms three classes of bonds and downgrades one class of bonds issued by CapOne Berhad. The following rating actions are effective immediately:--RM600 million super senior class A-1 notes affirmed at 'AAA'.--RM250 million senior class A-2 bonds affirmed at 'AAA';--RM50 million mezzanine bonds affirmed at 'AA'; and--RM100 million subordinated bonds downgraded to 'BB-' from 'BB'.CapOne Berhad...

MARC has assigned short-term and long-term ratings of MARC-1ID/AAID to Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (“SPLASH”) RM435 million Islamic Notes Issuance Master Programme of 20 years tenor, comprising 1) RM50 million Islamic (Murabahah) Commercial Papers (“CPs”) issuance programme (“CP Programme”); and, 2) RM385 million Islamic (Murabahah) Me...

The MARC-1ID/AA-ID rating of Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers / Medium Term Notes Programme was affirmed with a stable outlook, reflecting its dominant position as the sole distributor of treated water for the states of Selangor, Wilayah Persekutuan Kuala Lumpur and Putrajaya; the Government’s support for the water priva...

Pursuant to the announcement by Puncak Niaga Holdings Berhad’s (“PNHB”), with regards to the proposed cash distribution of up to RM767.84 million to its shareholders, MARC views that the proposal will have no adverse impact on the current rating of A (A Flat) on PNHB’s RM546.875 million Redeemable Unconvertible Junior Notes (“RUNs”) with detachable warrants.MARC...

MARC has placed IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/ Medium-Term Notes Programme (“CP/MTN”) on MARCWatch with a developing outlook following an announcement that it will acquire stakes in Road Builder Holdings Bhd.In January 2006, the CP/MTN ratings were affirmed at MARC-1ID and A+ID respectively. MARC will closely monitor developments and...

The ratings of Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium-Term Notes (MMTN) (collectively known as the Programme) of up to a nominal value of RM300.0 million have been affirmed at MARC-1ID (cg)/AA-ID (cg) with stable outlook. The ratings reflect the unconditional and irrevocable corporate guarantee extended by its ultimate holding company, Gamuda Berhad (...

MARC has placed the long term A (A flat) ratings of MK Land Holdings Berhad’s (MK Land) RM150 million nominal value of 3, 5 and 7 year bonds 2001-2008 (tranche 1) and RM150 million nominal value of 3, 5 and 7 year bonds 2002-2009 (tranche 2) on MARCwatch with a negative outlook. The MARCwatch placement reflects slower take-up rates at MK Land’s flagship projects in Damansara Perdana an...

MARC has affirmed Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijara Issuance at A+IS with stable outlook; reflecting Ingress Corporation Berhad’s (“Ingress” or “the Group”) track record as one of the leading local automotive component manufacturers with a relatively diversified customer base and geographical distribution, and its fairly strong financial ...

MARC has lifted its MARCWatch placement on Top Glove Corporation Bhd’s (“Top Glove”) Islamic debt securities of up to RM100 million Murabahah/Ijarah Commercial Papers (“CP”) Programme and up to RM100 million Murabahah/Ijarah Medium Term Notes (“MTN”) Programme following confirmation from the company that the issue of expired work permits involving a sizeab...