MARC has reaffirmed the AAAID rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water from the Government offices in Putrajaya; the integrated nature of the project owing to the st...

MARC has affirmed the short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) in respect of Paradym Resources Industries Sdn Bhd’s (PRI) Islamic Commercial Paper/Medium Term Notes Issuance Programme (Islamic CP/MTN). The affirmation of the ratings reflects PRI’s commendable improvement in its financial position and PRI’s status as a reputable manufacturer of superior quality...

Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium-Term Notes (MMTNs) facility’s long-term rating has been downgraded to A-ID from AID whilst the short term rating is affirmed at MARC-2ID. The ratings have also been placed on MARCWatch with a Negative Outlook. The rating actions reflect the group’s thinning margins, ...

MARC has placed Jana Niaga Sdn Bhd (JNSB)’s RM100.0 million Murabahah Underwritten Notes Issuance Facility’s (MUNIF) on MARCWatch with a Negative Outlook. The initial ratings at MARC-2 ID for short term and A- ID for long term were assigned in August 2004. The action is based upon the deteriorating cash flow position of JNSB arising from the failure of Universiti Industri Selangor (UNISEL) to...

MARC has affirmed the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The affirmation reflects Ace’s status as a Tier-1 supplier to the local automotive industry; its improving financials and an issue structure that prioritizes payments relating to the BaIDS over operating expenses. The rating is, however, moderated by the co...

The rating reaffirmation of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) reflects the company’s continued dominant position in the provision of aviation services to the oil and gas industry supported by its favourable outlook and strong cash flow protection to the bondholders derived from the substantial contractual revenues and monies deposited in...

MARC has reaffirmed the long term rating of PETRONAS Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AAAID(s). The reaffirmation of the long term rating is based upon the strength of the support provided by the holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring timely and full redemption of the BaIDS, either through equity...

MARC has reaffirmed the ratings of Tenaga Nasional Berhad’s (TNB) private debt securities namely; RM1.5 billion Murabahah Commercial Papers and Murabahah Medium-Term Notes (2002/2009) (MARC-1ID/AA+ID); RM2.0 billion Al-Bai’ Bithaman Ajil Bonds (AA+ID); RM500 million 8-year Fixed Rate Unsecured Bonds (AA+); and RM1.0 billion Al-Bai’ Bithaman Ajil Notes Issuance Facility (AA+ID) and the utilit...

MARC has reaffirmed the ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) at A+ID. The ratings were reaffirmed based on the stable and predictable cash flow of the company allowing them to service their debt obligations in a timely manner; the presence of a long-term fuel supply contract w...

MARC has reaffirmed Putrajaya Holdings Sdn Bhd’s (PJH) long term and short term issuer rating of AAA and MARC-1 respectively and its Islamic corporate debt ratings of AAAID/MARC-1ID in respect of its RM765 million Bai’ Bithaman Ajil Bonds Issuance Facilities (BBA) (Parcels A, B & Public Facilities Precinct 10); RM570 million BBA (Parcel C); RM850 million BBA (Parcel D); RM850 million BBA (Wism...