MARC has reaffirmed the AAA rating of Gerbang Perdana CIQ Sdn Bhd’s (Gerbang Perdana CIQ) RM1.7 billion Seven Year Medium-Term Notes (MTN) Programme. The rating carries a stable outlook. The rating reflects the credit quality of receivables from the Government of Malaysia (GOM) in respect of Facility Payment Certificates (FPCs) issued in connection with the construction of an Integrated Cust...

The long-term rating of IJM Corporation Berhad’s (IJM) RM300.0 million Commercial Papers/Medium-Term Notes Programme (CP/MTN) has been upgraded to AA- from A+ while its short term rating has been reaffirmed at MARC-1. The rating upgrade reflects the group’s strong operating financial performance, its enhanced financial profile following its merger with Road Builder (M) Holdings Bhd (RB...

MARC has reaffirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility at AAA.  The rating carries a stable outlook. SPV is a special purpose entity established with the sole purpose of issuing the asset-backed serial bonds, the proceeds of which were used to acquire future receivables (including interest) amounting to RM1,...

MARC has withdrawn its A- ID rating on Prinsiptek Corporation Berhad’s (Prinsiptek) RM50.0 million Murabahah Medium-Term Notes Programme (MMTN) with immediate effect, following written confirmation from OSK Investment Bank Berhad that the facility was terminated on 25 January 2008. There were no previous issuances of notes under this facility.MARC’s present rating obligation with respe...

MARC has downgraded PECD Berhad’s (PECD) RM200 million serial fixed rate bonds rating to D from BB+ as a result of a missed coupon payment for the bonds on December 31, 2007. PECD is a domestic public-listed construction company, which has since 2004, ventured offshore and secured contracts in Dubai, Sudan and Indonesia.  MARC had earlier downgraded PECD’s RM200 million serial fix...

MARC has upgraded its corporate debt ratings of WCT Engineering Berhad (WCT) and WCT Land Berhad (WCTL). The following ratings are affected: (1) WCT’s rating on its RM100 million Islamic Fixed Rate Serial Bonds has been upgraded to AA- ID from A+ ID, and its ratings on its RM100 million Islamic Commercial Papers / Medium Term Notes Programme have been upgraded to AA- ID/MARC-1 ID from A+ ID/...

MARC has revised its rating outlook on its corporate debt ratings of WCT Engineering Berhad (WCT) and WCT Land Berhad (WCTL) to positive from stable. The following ratings are affected: (1) WCT’s A+ID rating on its RM100 million Islamic Fixed Rate Serial Bonds and its A+ID/MARC-1ID ratings on its RM100 million Islamic Commercial Papers / Medium Term Notes Programme, and (2) WCTL’s A+(c...

MARC does not expect the acquisition by WCT Engineering Berhad (WCT) of the 35.17% stake in WCT Land Berhad (WCTL) which it does not own to have a meaningful effect on the corporate debt ratings of WCT and WCTL. WCT and WCTL have ratings of A+ID/MARC-1ID and A+(cg) respectively.On November 30, WCT announced that it had made a voluntary take over offer to acquire all the remaining shares in WCTL. I...

The rating of Instacom SPV Sdn Bhd’s (Instacom SPV) RM200 million Murabahah Medium-Term Notes (MMTN) has been reaffirmed at AA-ID. The rating outlook is stable. The re-affirmed rating reflects the credit quality of the rental payment stream from creditworthy telecommunication companies (telcos) for the use of telecommunication towers constructed by Istacom Engineering Sdn Bhd (Instacom Engin...

MARC has downgraded the rating on Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) from MARC-4ID to DID. The rating of “DID” reflects JNSB’s failure to make scheduled payment on the RM100.0 million MUNIF due on November 7, 2007 following verbal confirmation from the sole note holder and Facility Agent, Abrar Discounts Berhad...