Malaysian Rating Corporation Berhad (MARC) has affirmed the Islamic debt ratings of MARC-1ID/AAAID (Islamic Debt) to Putrajaya Holdings Sdn Bhd’s (‘PJH’) RM300 million Murabahah Commercial Papers (CP)/Medium-Term Notes (MTN) Programme (2001/2004). PJH’s ratings reflect its solid capitalization supported by a superior set of shareholders; exceptionally strong financial flexibility; impor...

Bumiputra-Commerce Bank Berhad’s (BCB) Financial Institution rating has been affirmed at A+ (single A plus) / MARC-1 and its detachable coupons of the RM667 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating at A (single A flat). The rating of the detachable coupons reflects their subordination while the Financial Institution rating reflects the bank’s strong m...

MARC has placed the AA- rating for Anjung Bahasa Sdn Bhd (ABSB) RM110 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch, with a developing outlook. ABSB a single purpose company, was granted the concession to design, construct and complete a new office complex for Dewan Bahasa dan Pustaka (DBP) on a deferred payment basis, and to undertake the maintenance and management ...

The rating of CNLT (Far East) Bhd’s RM50 million Syndicated Guaranteed Revolving Underwritten Notes Issuance Facility (GRUNIF) has been upgraded to MARC-1 (bg). The notes are secured against unconditional and irrevocable bank guarantees in respect of the redemption of up to the face value of the notes issued. The rating reflects the superior capacity of the bank guarantors to meet their financi...

Malaysian Rating Corporation Berhad (MARC) has affirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit Fixed Rate Serial Bonds at BBB+(s)ID. The affirmation of the rating reflects MNI’s continued competitive strength as the sole newsprint producer in Malaysia; secured offtake commitments through newsprint offtake agreements; its low operational ...

The affirmation of the AID rating reflects the perceived strong demand for the Kajang Traffic Dispersal Ring Road to relieve severe traffic congestion in the Kajang District. Project demand is further underpinned by the Ring Road’s function as a primary urban road linking the populous districts of Balakong, Sungei Long, Semenyih, Bangi, Kajang and Serdang in the south-eastern corridor of the...

Malaysian Rating Corporation Berhad has reaffirmed the short-term rating of MARC-1 for Kertih Terminals Sdn Bhd’s (KTSB) RM500.0 million Revolving Underwritten Facility (RUF) with term loan conversion (1999/2004). The reaffirmation of the rating reflects the completion of Phase 2 of the Centralized Tankage Facility (CTF) which provides additional stream of revenue to Kertih Terminals Sdn B...

Malaysian Rating Corporation Berhad has reaffirmed the rating of AID (Single A Flat, Islamic Debt) for ARL Tenaga Sdn Bhd’s (ARLT) Al-Bai Bithaman Ajil Secured Serial Bonds Facility (ABBA) with a nominal value of RM177.0 million. The reaffirmation of the rating reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the pr...

The rating reaffirmation at AID is supported by the Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight issue structure. The rating, however, continues to be moderated by SAJ Holdings Sdn Bhd’s (SAJH) highly leveraged capital structure that reflects the significant utilization of debt to finance the compan...

MARC has lowered its rating on Teratas Dagang Sdn Bhd’s (TDSB) RM25 Million Murabahah Underwritten Notes Issuance Facility (MUNIF) to MARC-4ID from MARC-3ID. The rating action reflects the negative impact of the delay in securing the necessary approvals from the relevant authorities duly required prior to receiving payments for the land identified for development and commencement of works with...