MARC has assigned a long-term rating of AA- ID (Double A Minus Islamic Debt) to SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds which will be utilized to redeem the existing RM680 million BaIDS and to part finance SAJH’s capital expenditure. The rating is supported by its proven operating and financial track record; Johor state’s growing water demand; a tariff set...

The reaffirmation of GDC Putrajaya Sdn Bhd’s (GDC Putrajaya) BaIDS’ rating at AAA reflects the strength of the project with assured demand for the production of chilled water supply to Government premises in Putrajaya; minimal credit risk with the Government and Putrajaya Holdings as the main offtakers; strong financial support from its ultimate shareholder, Petroliam Nasional Berhad (PETRONAS...

The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities facility at AAA(s) reflects the strength of the support provided by the State Government of Sarawak in ensuring the timely and full redemption of the BaIDS facility. Hence, the current rating of KPA reflects the credit strength of the state of Sarawak which is superior to KPA’s credit standing. The strong investment in...

MARC has assigned ratings of MARC-1ID / AA+ID and AA+ID respectively to Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme. The ratings reflect its strong ownership structure, highly regulated industry, dominant position in the gas distribution business, efficient operations and a s...

Kertih Terminals Sdn Bhd’s (KTSB) rating has been reaffirmed at MARC-1, reflecting the company’s resilient financial position, declining debt leverage level and stable cash flows generated from the long term contracts by the terminal users. KTSB was incorporated to undertake the construction and operation of a Centralized Tankage Facility (CTF) for PETRONAS’ Integrated Petrochemical Complex ...

MARC has assigned AA+ID to Kapar Energy Ventures Sdn Bhd’s (KEV) proposed RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The accorded 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 ...

MARC has placed the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in respect of PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme and the A rating of its RM546.875 million junior notes on a negative outlook pending the resolution of the substantial and long outstanding trade receivables which stood at RM1.14 billion as at December 2003. The maintenance of the pres...

MARC has placed the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in respect of PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme and the A rating of its RM546.875 million junior notes on a negative outlook pending the resolution of the substantial and long outstanding trade receivables which stood at RM1.14 billion as at December 2003. The maintenance of the pres...

MARC has received confirmation from Petronas Gas Berhad that its RM900 million Murabahah Commercial Paper/ Medium Term Notes and RM500 million Al-Bai-Bithaman Ajil Bonds have been fully settled. As such, MARC no longer has any rating obligation on the Facilities and the respective MARC-1ID/AAAID and AAA ID ratings are hereby withdrawn....

MARC has upgraded the rating of KMT’s FRN from A+ to AA-. The upgrade reflects the company’s strong business fundamentals driven by the steady growth in the container volume, solid financial profile and business growth opportunities from the Government’s full support in developing Port Klang into a Transshipment Megahub/Free Trade Zone, emulating the accomplished Jebel Ali Free Zone Internat...