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MARC has withdrawn its B rating on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds (FRSB) at the request of issuer. The rating withdrawal affects RM738.0 million of outstanding FRSB issued under the aforementioned facility. MARC's last rating action was on April 6, 2011 when the rating agency affirmed TMSB's standalone issue rating of B but withdrew the issuer's st...
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MARC today took various rating actions on the Selangor water sector issuers. Below is a list of all the affected debt issuances and rating actions:1. Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS)RM3.0 billion BBA CP/MTN2. Puncak Niaga (M) Sdn Bhd (PNSB)RM1.02 billion BaIDSRM546.88 million A NotesRM435.0 million RUB3. Puncak Niaga Holdings Bhd (PNHB)RM546.88 million RUN with warrants4. RUN Holding...
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MARC said today that it will continue to maintain its MARC-1ID/ A+ID and AA+(s) debt ratings on Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS) and Titisan Modal Sdn Bhd (TMSB) on MARCWatch Negative. The extended MARCWatch placements reflect the lack of positive development on the restructuring of the Selangor water sector.The inability of SYABAS, the sole distributor of treated water for the state...
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MARC has maintained a MARCWatch Negative status on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds (FRSB) AA+(s) rating following a review of TMSB’s current credit profile. TMSB’s standalone rating has been downgraded to BBB from A+ to reflect the weak liquidity position of Konsortium Abass Sdn Bhd (Konsortium Abass) and the heightened credit risk for T...
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MARC has placed the ratings of all its Selangor water sector-related issuances on MARCWatch Negative. The rating action affects the following issuers and issuances:Syarikat Bekalan Air Selangor Sdn BhdRM3.0 billion BBA CP/MTN Programme - MARC-1ID / AA-IDPuncak Niaga (M) Sdn Bhd RM1,020.0 million BaIDS - AAIDRM546.875 million Junior Notes A - A+RM435...
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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...
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MARC has revised the outlook on its AA+(S) rating on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds to developing from stable. The outlook revision reflects operational uncertainty that is being created by proposals by the new Selangor State Government (SSG) to restructure the state’s water industry. MARC believes that these proposals could have either...
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MARC has affirmed the long-term rating of AA+(S) to Titisan Modal (M) Sdn Bhd’s (“TMSB”) issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The ratings affirmation is based on the credit quality of the Selangor State Government which has provided a letter of support for the obligations of TMSB in relation to the serial bonds, which, although not a gua...
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Titisan Modal (M) Sdn Bhd’s (“TMSB”) RM738.0 million Fixed Rate Serial Bonds (“FRSB”) is assigned a long term rating with support of AA+(s). The FRSB was previously assigned a stand alone long term rating of A+. A Letter of Support dated 3 August 2006 was provided by the State Government of Selangor (“SSG”) for the FRSB. In the Letter of ...
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MARC has assigned a long term rating of A+ to Titisan Modal (M) Sdn Bhd’s (“TMSB”) proposed issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The rating is a reflection of the water industry in the State of Selangor whereby the demand fundamentals for treated water is unwavering; satisfactory operating performance of the water treatment plant and the expected robust cas...
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