MARC has reaffirmed the long term and short term ratings on Gas District Cooling (KLIA) Sdn Bhd’s (GDC KLIA) CP/MTN at AAID/MARC-1. The ratings reflect GDC KLIA’s captive offtake demand for its chilled water and electricity, strong shareholder support, consistent financial performance reflected by improving debt leverage position and robust profit margin. GDC KLIA operates and maintains the Di...

MARC has received confirmation from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s RM698.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds, that the bondholders of the bank-guaranteed tranches (TrancheS I – IV) have been paid in full by the bank guarantors. As such, MARC no longer has any rating obligation on the said tranches and the ratings are hereby withdrawn...

MARC has assigned a rating of AA-ID (Double A Minus, Islamic Debt) to PSSB Ship Management Sdn Bhd’s (PSM) RM40.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIS). The rating is underpinned by the charter contract between Pelangi Shipping Sdn Bhd (PSSB) and the Government; the rental proceeds of which shall be the source of repayment for the BAIS facility; and a tight issue structure....

MARC has reaffirmed the ratings of Petronas Assets Sdn Bhd’s Private Debt Securities (PDS) Facilities as follows: Bai Al-Dayn Notes Issuance Facility with a nominal value of RM282 million (NIF): AAAID Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a nominal value of up to RM500 million: MARC-1ID/AAAID The reaffirmation of the ratings reflects the credit strength of Petr...

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 Bai’ Bithaman Ajil Bonds Issuance Facilities for Parcels A, B, C, D, Public Facilities Precinct 10, Wisma Putra & Deputy Prime Minister’s Residence (DPMR) and Ministry of Finance Complex and it...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Tracoma Holdings Bhd’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects, amongst others, Tracoma’s vast experience and good track record as one of the leading local automotive component manufacturer and its commendable financial results. The rating is however, moderated by the vulne...

MARC has affirmed the rating of Special Port Vehicle’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. The rating affirmation is premised on the superior credit rating of the Government of Malaysia (GOM) backing Port Klang Authority (PKA), the obligor under the transaction; minimal exposure to construction risk with 83.3% of the infrastructure works completed as at 31 ...

MARC has received confirmation from Faber Group Bhd that its outstanding Redeemable Convertible Zero Coupon Secured Bonds (RCSB) amounting to RM929.46 million had been novated to a Special Purpose Vehicle, Jeram Bintang Sdn Bhd (JBSB). JBSB had on the same day, cancelled the RCSB. As such, MARC no longer has any rating obligation on the RCSB and the rating is hereby withdrawn....

MARC has reaffirmed the rating of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The reaffirmation reflects the company’s continued dominant position in the provision of aviation services to the oil and gas industry, favourable outlook prevailing in the oil and gas industry and strong cash flow protection to the bondholders derived from the high pro...

MARC has received confirmation from Malaysian Trustees Berhad, the trustee of Perak-Hanjoong Simen Sdn Bhd’s (PHSSB) RM698.0 million Bai’ Bithaman Ajil Islamic Debt Securities (ABBA), that PHSSB had missed its profit payment and principal redemption on 17 November 2004. Under the terms of the Trust Deed, this constitutes an event of default; consequently triggering the bank guarantees backing ...