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...

The ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200.0 million Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and RM500.0 million Al-Murabahah Medium Term Notes (MTN) Issuance Programme have been affirmed at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively, reflecting its strong ownership structure, highly regulated industry, dominant position in the gas distributio...

The rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) has been downgraded from MARC-3ID to MARC-4ID and placed on MARCWatch with negative implications. The downgrade reflects substantial deterioration in ECSB’s internal cash flow generation, making it unlikely, in MARC’s opinion, that ECSB will be able to meet its financial...

MARC has downgraded the rating of Perspektif Perkasa Sdn Bhd’s (PPSB) RM188 million Murabahah Underwritten Notes Issuance Facility (MUNIF) from MARC-3ID to MARC-4ID and concurrently placed the rating on a MARCWatch with a Negative Outlook. PPSB is the developer of Bandar Pinggiran Cyber, an 800-acre township to be located at the fringe of Cyberjaya.The rating downgrade and Negative Outlook follo...