MARC has reaffirmed the rating of Road Builder (M) Sdn Bhd’s (RBM) RM400 million Repackaged Income Securities at A+(s). The rating reaffirmation is due to the high cash coverage afforded to the outstanding bonds brought about by the accumulation of funds in the sinking fund account and a tight issue structure. RBM’s financial standing is affected by the backdrop of a challenging operating envi...

MARC has affirmed the ratings of Transshipment Megahub Berhad’s (TMB) RM1,095.0 million bonds and up to RM360.0 million of CP/MTN facility at AAA and MARC-1/AAA respectively. The rating affirmation is based upon the satisfactory progress of development works at the Port Klang Free Zone/Transshipment Megahub (PKFZ); the superior credit rating of the Government of Malaysia’s (GOM) backing of Po...

MARC has placed Jana Niaga Sdn Bhd (JNSB)’s RM100.0 million Murabahah Underwritten Notes Issuance Facility’s (MUNIF) on MARCWatch with a Negative Outlook. The initial ratings at MARC-2 ID for short term and A- ID for long term were assigned in August 2004. The action is based upon the deteriorating cash flow position of JNSB arising from the failure of Universiti Industri Selangor (UNISEL) to...

IJM Corporation Berhad’s (IJM) RM300 million of Commercial Papers/ Medium-Term Notes Programme (CP/MTN) has been affirmed at MARC-1/ A+. This reflects IJM’s consistently strong financial results; the ability to sustain its competitive position domestically and internationally and the diversity of its business. The ratings are, nevertheless, moderated by the challenging operating environment pr...

This proposed Murabahah Medium-term Notes (“MMTN”) programme represents a structured transaction involving the assignment of license/ rental payments due from the local telecommunication companies (“telcos”) to the Issuer, Instacom SPV Sdn Bhd (“Instacom SPV”); in respect of the erection of telecommunication towers (“towers”) and construction of related infrastructure. Accordingly,...

MARC has reaffirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. The rating affirmation is premised on the superior credit rating of the Government of Malaysia (GOM) backing Port Klang Authority (PKA), the obligor under the transaction; minimal exposure to construction risk with completion of infrastructure works as at end De...

MARC has assigned ratings of MARC-1ID/A+ID to Nam Fatt Corporation Berhad’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme. The ratings reflect a tight issue structure with pre-determined criteria of contracts that could be financed by the said facility and in turn proceeds from the contracts will be used to repay any outstanding notes before ope...

MARC received written confirmation on 14 December 2005 from PB Trustees Berhad, the Trustee of WCTE`s Unsecured Bonds that the Unsecured Bonds were fully redeemed on 6 October 2005.Accordingly, MARC has withdrawn the rating of the Unsecured Bonds....

MARC has assigned ratings of A+ID and MARC-1ID/A+ID to WCT Engineering Berhad’s (“WCT”) proposed Islamic Fixed Rate Serial Bonds of RM100 million and 7-year Islamic Commercial Papers/Medium Term Notes Programme of up to RM100 million (“Islamic CP/MTN”) (collectively known as Islamic Securities or IS). Concurrently, we have also reaffirmed WCT’s existing RM120 million 5% Redeemable Unse...

MARC has assigned a long-term rating of A (A Flat) to PECD Berhad’s (“PECD or the Group”) proposed RM200 million Serial Fixed Rate Bonds Programme (“Serial Fixed Rate Bonds”). The assigned rating is premised upon PECD’s competitive position within the construction industry as evident by the group’s order book which is comparable to other construction companies rated by MARC; its abil...