MARC has lifted its MARCWatch Negative placement on Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) and has reaffirmed its MARC-4 ID rating. The rating carries a negative outlook.JNSB was placed on MARCWatch Negative in February 2007 due to continued cash flow problems stemming from delays in the receipt of UNISEL’s payments of guarant...

MARC has affirmed the ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (bonds) and up to RM85.0 million of Commercial Papers/Medium-Term Notes (CP/MTN) facilities at AAA and MARC-1/AAA respectively. The bonds and CP/MTN are secured by the assignment of rights, titles and benefit of the payment obligations by Port Klang Authority (PKA), pursuant to the Developm...

MARC has downgraded the short term rating of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility from MARC-2ID to MARC-3ID. The downgrade reflects rating concerns arising from developments with respect to ABRAR Discounts Berhad, the principal underwriter of the MONI facility. Rating concerns primarily include increased refinancing risk as a...

MARC has downgraded PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme’s rating from A- to BBB, to reflect a substantial deterioration in its credit profile. The downgrade follows PECD’s recent announcement of an unaudited pre tax loss of RM126.1 million for FY2006. The loss was attributed to among others, slower progress of ongoing projects, reversal of profits...

MARC has lifted its MARCWatch Developing placement and reaffirmed IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/Medium-Term Notes (“CP/MTN”) Programme ratings at A+/MARC-1 with a stable outlook. The ratings reaffirmation is a reflection of the strong fundamentals inherent in the group (despite the challenges from a weak domestic construction sector ...

MARC has extended IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/ Medium-Term Notes Programme (“CP/MTN”) MARCWatch Developing placed on 20 October 2006 in view of IJM’s announcement on 2 February 2007 that the closing date for the conditional take-over offer of Road Builder Holdings Bhd has been extended to 11 March 2007.  MARC is in the m...

MARC has downgraded Jana Niaga Sdn Bhd’s (“JNSB”) RM100.0 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) from MARC-3 ID  to MARC-4 ID  following the failure of University Industri Selangor (“UNISEL”) to make good outstanding guaranteed rental payments amounting to RM8.7 million (as at October 2006) by 31 January 2007. In Decembe...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium-Term Notes (“MTN”) issuance programme rating has been reaffirmed at AAA by MARC. The rating carries a stable outlook. The rating reflects the strength of the sole off-taker, The Government of Malaysia (“GOM”) vide its unconditional and irrevocable obligation to repay stip...

MARC has affirmed the ratings of MARC-2ID/A-ID for Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial papers (“MCPs”) Programme of up to RM30 million and Murabahah Medium Term Notes (“MMTNs”) Programme of up to RM50 million, with a negative outlook. The rating reflects Prinsiptek’s average business risk profile as a midsize domestic ...

Instacom SPV Sdn Bhd’s (Instacom SPV) RM200 million Murabahah Medium-Term Notes’ (MMTN) rating has been affirmed at AA-ID with a Stable Outlook. The rating reflects the strength of the issue structure governing the programme which eliminates the risks from construction and its associated costs, ensures robust cash flows from strong off takers such as Maxis Telecommunications and Digi a...