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MARC is releasing this update on its toll concessionaire-related ratings to highlight its actions following recent developments in the domestic toll road sector. Its last rating action on the toll road sector was on August 30, 2018 when the rating agency removed its MARCWatch Developing on the sector to reflect the substantial abatement of risk from any immediate resolution to the tolling issue. ...
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MARC has placed all issue ratings in its toll road universe on MARCWatch Developing. The driver for placing the ratings on MARCWatch Developing is the increased near-term uncertainty pending full clarity on the new government’s exact plans to deliver pre-election commitments on the scrapping of toll road charges. MARC currently rates 10 toll concessionaires with an aggregate outstanding of RM33...
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MARC has downgraded the long-term ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Medium-Term Notes Programmes to AA-(cg) and AA-ID(cg) from AA(cg) and AAID(cg) respectively. Concurrently, the short-term rating on the Conventional Commercial Papers Programme has been maintained at MARC-1(cg). The outlook on all ratings remains negative.
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MARC has affirmed its rating of AAAIS(fg) on 1 Warisan Sdn Bhd’s (1 Warisan) RM170.0 million seven-year Islamic Medium Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook are underpinned by an unconditional and irrevocable Kafalah Guarantee provided by Danajamin Nasional Berhad (Danajamin) in relation to the IMTN Programme. MARC currently rates Danajamin’...
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MARC has downgraded the ratings of CapOne Berhad’s (CapOne) RM600 million Super Senior Class A-1 and RM250 million Senior Class A-2 bonds to AA+ and B from AAA and BB respectively and affirmed its RM50 million Mezzanine Class B and RM100 million Subordinated bonds at C. Both of the downgraded classes carry a negative outlook. The downgrades reflect the continued credit deterioration of the u...
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MARC has assigned a rating of AA+ID(bg) to Aras Sejagat Sdn Bhd’s (“ASSB”) Bank Guaranteed Islamic Medium-Term Notes (“BG IMTN”) of up to RM500.0 million. ASSB is a wholly-owned subsidiary of AirAsia Berhad (“AirAsia” or “the company”) and is a special purpose vehicle created to facilitate the issuance of the BG IMTN. The rating of the BG IMTN ...
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MARC has reaffirmed the AAAID long-term rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating carries a stable outlook. GDC Putrajaya operates and maintains district cooling plants in Putrajaya, the Federal Administrative Capital of Malaysia.The affirmed rating ref...
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Factors underscoring the negative outlook attached to the domestic automotive industry include, inter alia, continued dismal vehicles sales especially passenger vehicles on the back of increasingly stringent approval requirements for hire purchase loans and relatively higher interest rates for used vehicles financing, aggravated by depressed used car prices and generally negative consumer sentimen...
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