MARC has downgraded its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to BB+ID from A+ID while maintaining the rating on MARCWatch Negative, where it was first placed on February 19, 2009. MARC’s last rating update on August 4, 2009 had highlighted a potential capital injection of some RM32 million by a g...

MARC has affirmed Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) ratings of MARC-1ID /AAID on its RM435 million Islamic Notes Issuance Master Programme comprising RM50 million Murabahah Commercial Papers (MCPs) and RM385 million Murabahah Medium Term Notes (MMTNs). The developing outlook on the rating has been maintained pending finalisation of the acquisition of the water assets ...

MARC has affirmed the A+ID  and MARC-2ID /A+ID ratings on toll road concessionaire Maju Expressway Sdn Bhd’s (MESB) RM380.0 million Al Bai’ Bithaman Ajil Primary Serial Medium Term Notes (BBA MTN) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) respectively (Islamic Securities). The ratings outlook is stable. The affirmed ratings acknowledge that w...

MARC has withdrawn its AA-ID rating assigned to SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect and removed the rating from MARCWatch Positive. The rating withdrawal follows the successful completion of Pengurusan Aset Air Bhd’s (PAAB) acquisition of SAJH’s BaIDS in July 2009 and confirmation by Maybank Investme...

MARC has affirmed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium-Term Notes (IMTN) programme. The rating outlook is stable. The rating reflects strong earnings and cash flow generation of its two wholly-owned toll concessionaires, in particular MTD Prime Sdn Bhd (MTD Prime) that are supported by sustained traffic flows on completed highw...

MARC continues to maintain its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) of A+ID on MARCWatch Negative, where it had first been placed since February 19, 2009. The continued MARCWatch Negative placement highlights the urgency of restoring MITP’s depleted sinking fund ahead of its upcoming profit payme...

MARC has affirmed its AA+(S) rating on Titisan Modal Sdn Bhd's (Titisan Modal) RM738.0 million Fixed Rate Serial Bonds (FRSB). The developing outlook on the rating has been maintained pending the finalization of the acquisition of the water assets and liabilities of its sole operating subsidiary and bulk water concession company, Konsortium Abass Sdn Bhd (Konsortium Abass), by the Selangor State G...

MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (GMSB) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID/AAAID and AAAID respectively. The ratings carry a stable outlook. The affirmed ratings reflect GMSB’s dominant market position as the sole natural gas distributor in Peninsular Malaysia, stron...

MARC is issuing this rating update in relation to its AA-ID debt rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion BaIDS which remains on MARCWatch Positive. SAJH’s AA-ID debt rating was first placed on MARCWatch Positive on March 16, 2009 following an announcement that the potable water concession holder had entered into an agreement (The Master Agreement) for the proposed dispos...

MARC has withdrawn its A+ID rating on Zecon Toll Concessionaire Sdn Bhd’s RM60.0 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect, following confirmation by Affin Investment Bank Bhd, the Facility Agent, that the BaIDS has been fully redeemed on May 7, 2009. Contacts: Ahmad Zaidi Basri 03-2090 2268 / zaidi@marc.com.my; Khairul Emran Mahmud 03-2090 2278 / emran@...