MARC has downgraded the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB-ID with negative outlook. The downgrade is premised on the weak traffic volume at all the four tolls, which have been consistently and significantly below the initial traffic projections; the weak traffic forecasts (latest traffic study date...

MARC has assigned a rating of AAAIS to Assar Chemicals Sdn Bhd’s (“ACSB”) proposed issuance of RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility will be utilised to repay an existing bridging loan and part finance the construction costs (including related expenses and fees) of the Independent Oil Terminal (“IOT”) in Senari, Kuching. The rating reflects th...

MARC has upgraded the rating of Kelang Multi Terminal Sdn Bhd’s (KMT) RM350 million Floating Rate Notes (FRN) to AA (from AA-), reflecting the company’s consistently strong operational performance underlined by the steady growth in container throughput; commendable financial profile as well as the Government’s participation in developing Port Klang into a Transshipment and Megahub/Free Trade...

MARC has assigned rating of A+ID and MARC-2ID/A+ID to KLT’s proposed issuance of RM380 million BBA MTN and up to RM80 million MCP/MTN (“collectively known as Finance Facilities”) respectively. Proceeds from the Finance Facilities will be utilised to repay an existing bridging loan; to part finance the construction costs of Section II of the Kuala Lumpur – Putrajaya Highway (“the Highway�...

MARC has received confirmation from the facility agent that Gas District Cooling (KLIA) Sdn Bhd’s CP/MTN Facility has been fully redeemed. As such, MARC no longer has any rating obligation on the Facility and the respective MARC-1ID and AAID ratings are hereby withdrawn....

MARC has reaffirmed the rating of Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) and the short term rating of the Revolving Underwritten facility (RUF) at A-ID and MARC-2 respectively. However, the rating of the Bank Guaranteed Serial Fixed Rate Bonds has been upgraded to A+ based on the A+ rating given to the consortium of banks providing the unconditi...

MARC has assigned a rating of A (A flat) to Aliran Ihsan Resources Berhad’s (AIRB) redeemable convertible unsecured loan stocks (RCULS). AIRB was set up as the corporate vehicle to undertake the various corporate and debt restructuring schemes and to assume the listing status of RNC Corporation Berhad (Special Administrators Appointed) (RNC), an affected listed issuer under the Securities Commis...

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 (MARC-1ID /AA+ID) and ...

MARC has upgraded the ratings of ARL Tenaga Sdn Bhd’s (ARLT) RM177.0 million Bai’ Bithaman Ajil Islamic Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium-Term Notes (IMTN) to A+ID (A Plus, Islamic Debt). The upgrade is backed by ARLT’s commendable ability to service its obligation under the ABBA and IMTN in a timely manner backed by the stable and predictable cash flow of the com...

Following the breakdown of a switchgear in the Kapar Power Station on 13 January 2005 that had brought four states in the Southern region of the Peninsula, Putrajaya and parts of Kuala Lumpur to a standstill in a five-hour power blackout, MARC will be evaluating the operational as well as financial impact on Tenaga Nasional Berhad (TNB) and Kapar Energy Ventures Sdn Bhd (KEV) pending the results o...