MARC has affirmed the following issue ratings on the outstanding bonds and notes backed by deferred payment receivables due from Port Klang Authority (PKA) for the acquisition cost of land and development works in connection with the Port Klang Free Zone (PKFZ) project:Long-term rating of AAA on Special Port Vehicle Berhad’s (SPV) RM1,310.0 nominal amount asset-backed serial bonds facility; ...

MARC has withdrawn its rating of AIS on Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah with immediate effect. The rating withdrawal follows the redemption of the final tranche of RM15.0 million Sukuk on May 27, 2011 and cancellation of the facility, as confirmed by the trustee, KAF Trustee Berhad.Contacts: Sandeep Bhattacharya, +603-2090 2247 / sandeep@marc.com.my; Jason K...

MARC has affirmed its A+ID rating on Makro Utama Sdn Bhd’s (Makro) RM100.0 million Al-Istisna’ Bonds (the bonds) with a stable outlook. Makro is a special purpose funding vehicle of construction and engineering company Redmax Sdn Bhd (Redmax) established to facilitate issuance of the bonds. The fully-amortising bonds will be serviced through a Finance Service Account (FSA) and Sinking ...

MARC has removed its AIS rating on Matang Highway Sdn Bhd's (Matang) RM70.0 million Sukuk Musharakah (Sukuk) from MARCWatch Negative where it had been placed on December 13, 2010 to highlight a potential shortfall and departure from the scheduled build up of sinking fund. Matang is a wholly-owned single-purpose funding vehicle of Zecon Berhad (Zecon). Its payment obligations under the fully-amorti...

MARC has withdrawn the ratings of MARC-1(bg)/AAA(bg) on Tranche A of Legolas Capital Sdn Bhd’s RM105 million CP/MTN Programme and MARC-1(bg)/AA+(bg) on Tranche B RM110.0 million CP/MTN Programme with immediate effect. The ratings withdrawal follows the full redemption and cancellation of the programmes on January 6, 2011, as confirmed by the joint lead arrangers, Maybank Investment Bank Berh...

MARC has affirmed the rating of Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion Medium-Term Notes (MTN) Programme at AAA. The rating carries a stable outlook. The MTNs are fully secured by Facility Payment Certificates (FPC) issued by the government in lieu of payment of construction receivables relating to the construction of the new integrated Customs, Immigration and Quarantine (CIQ) ...

MARC continues to maintain Matang Highway Sdn Bhd's (Matang) AIS rating for its RM70.0 million Sukuk Musharakah on MARCWatch Negative where it was placed on December 13, 2010.Subsequent to MARC's last rating action, the rating agency was notified by the sukuk trustee on December 15, 2010 that Matang had been granted a cure period until December 31, 2010, to remedy the RM0.69 million shortfall in i...

MARC has withdrawn its MARC-1/AAA ratings on Valid Ventures Berhad’s (VVB) RM85 million Commercial Papers/Medium Term Notes (CP/MTN) programme. The ratings withdrawal follows the confirmation by the facility agent, OSK Investment Bank Berhad, that the outstanding CP of RM15.0 million was fully redeemed on December 9, 2010 and VVB has unconditionally and irrevocably confirmed the termination ...

MARC has withdrawn the MARC-1/AA- ratings assigned to IJM Corporation Berhad’s (IJM) RM300 million CP/MTN programme with immediate effect following the cancellation of the programme effective November 4, 2010, as confirmed by its facility agent, CIMB Investment Bank Berhad. With the cancellation of the RM300 million CP/MTN programme, MARC’s rating coverage on IJM is now limited to the ...

MARC has placed its AIS rating on Matang Highway Sdn Bhd's (Matang) RM70.0 million Sukuk Musharakah on MARCWatch Negative. The rating action affects RM15.0 million of outstanding Sukuk. Matang is a wholly-owned single-purpose funding vehicle of Zecon Berhad (Zecon). Its payment obligations under the fully-amortising Sukuk are primarily funded by progress payments collected from JKR Sarawak under a...