MARC has assigned indicative rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) RM[2,060.0] million secured fixed-rate serial bonds. The rating is based on the stringent core and portfolio eligibility criteria, aimed at partially mitigating risk of delinquencies and defaults further reinforced by representations and warranties provided by the Federal Government of Malaysia (GOM); deductions of...

MARC has assigned the rating of AAAIS to Sacofa Sdn Bhd’s (SACOFA) and Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah respectively. The strong ratings reflect, amongst others, SACOFA’s exclusive rights to construct, own and manage the telecommunication towers and structures in the State of Sarawak; the licensing agreement entered...

MARC has affirmed the AA+ID rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rating of AA+ fr...

MARC has assigned an A+ID rating to Sweetwater SPV Sdn Bhd’s (SSPV) proposed RM195 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is supported by the operational and financial capability of Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) to upstream dividends to its shareholders, payment of interest on the loan stocks or loan stock redemption as these cashflows will form ...

MARC has reaffirmed Sunrise’s short term rating of Murabahah Notes Issuance facility (MUNIF), Islamic Medium Term Notes and Bai’Bithaman Ajil Notes Issuance facility at MARC-1ID and A+ID respectively, reflecting Sunrise’s good financial track record with operating margins averaging 25% in the last four years, low debt leverage position and good financial flexibility. The rating is also under...

This press announcement is made to clarify MARC’s press announcement dated 21 October 2005 entitled “MARC PLACES THE RATING OF EUROPLUS CORPORATION SDN BHD’S RM350 MILLION MURABAHAH UNDERWRITTEN NOTES ISSUANCE FACILITY (MUNIF) ON MARCWATCH WITH NEGATIVE OUTLOOK”. MARC seeks to clarify that the abovementioned MARCWatch with negative outlook is premised upon ECSB’s:- current weak cash flow...

MARC has received confirmation that the holders of Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) at a meeting held on 19 October 2005, have given their consent to extend the tenures of the BaIDS subject to SC approval. In addition, the BaIDS holders also approved the resolutions relating to the revision of the profit payment in res...

MARC has assigned short and long term ratings of MARC-1ID and AA-ID respectively to Top Glove Corporation Bhd’s (“Top Glove”) proposed Islamic Commercial Papers (“CP”) Programme of up to RM100 million in nominal value and Islamic Medium Term Notes (“MTN”) Programme of up to RM100 million in nominal value. The ratings reflect the Group’s competitive position as the world’s largest...

MARC places the following companies on MARCWatch with developing outlook premised upon their current weak cash flow positions and their reliance on the disposal of 25% equity interest in Kumpulan Europlus Berhad (KEB) shares to IJM Corporation, with which the related Share Purchase Agreement has been extended to 30 November 2005.Companies on MARCWatch with developing outlook:Perspektif Perkasa Sdn...

MARC has lifted the Rating Watch (with a developing outlook) on Stenta Films (Malaysia) Sdn Bhd’s (“Stenta”) RM90 million Murabahah Notes Issuance Facility (“MUNIF”). Simultaneously, MARC has also reaffirmed the rating of MARC-3ID assigned to the MUNIF.The rating decision is based upon the approval from the Securities Commission (“SC”) and Noteholders on the revision in the reduction...