MARC has reaffirmed the ratings of Transshipment Megahub Berhad’s (TMB) RM1,095.0 million bonds and up to RM360.0 million of CP/MTN facility at AAA and MARC-1/AAA respectively. The bonds and CP/MTN are secured by the assignment of rights, titles and benefits to the payment obligations of the Port Kelang Authority (PKA) pursuant to a development agreement and supplemental agreements between P...

The ratings of Nam Fatt Corporation Bhd’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium-Term Notes Programme have been affirmed at MARC-1ID/A+ID with a stable outlook, premised on the tight issue structure governing this facility, with strict guidelines for drawdown and restrictions on the type of contracts, which includes among others clearance from MARC that such contrac...

MARC has placed Jana Niaga Sdn Bhd’s (“JNSB”) RM100.0 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) on MARCWatch with developing implications. The MUNIF had been downgraded earlier in May 2006 from MARC-2ID to MARC-3ID following JNSB’s deteriorating cash flow position arising from the failure of University Industri Selangor (“UNISEL&rdqu...

MARC has reaffirmed Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5 year secured serial bonds rating at A- (A minus) with stable outlook, underpinned by the Group’s steady operating performance and stable revenue stream vis-à-vis its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also ref...

MARC has affirmed the short and long term ratings for MISC’s RM1.0 billion Murabahah Commercial Paper/Medium-Term Notes (“MCP/MTN”) at MARC-1ID and AAAID with a stable outlook, underpinned by the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas (“LNG”) segment; extensive global ...

MARC has placed the rating of Malaysian Merchant Marine Berhad’s (MMM) RM120 million BaIDS on MARCWatch Negative. The rating action was taken following MMM’s announcement of poorer than expected financial results for the financial year ended 31 August 2006 (FY2006) and the commencement of MARC’s rating review on the company.MMM is principally involved in the provision of shipping...

Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM350 million Murabahah Commercial Papers/ Medium-Term Notes ratings have been reaffirmed at AAID and MARC-1ID/AAID respectively with a Stable Outlook. At the same time, the rating of PNSB’s RM546.875 million Junior Notes A (A Notes) has been upgraded to A+. The ratings are supported ...

MARC has assigned a rating of A+ with Stable Outlook to Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM435 million Nominal Value Redeemable Unsecured Bonds (“RUBs”). The rating is supported by the continued strength and bright outlook of the water supply services industry especially in the state of Selangor, increased revenue and profitability of PNSB, and improving cash flows...

MARC has upgraded the long term rating of Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants from A to A+ with a stable outlook. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s Junior Notes A (“A Notes”), which has also been upgraded. The rating is a refle...

MARC has affirmed the ratings of AAAIS and AA+IS to IJN Capital Sdn Bhd’s (IJNC) RM100 million Sukuk Musyarakah with maturities of seven (7) years or less from the date of first issue and RM109 million with maturities of more than seven (7) years from the date of first issue,  respectively with Stable Outlook. The ratings stem from IJN’s position as one of the leading cardiac cent...