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MARC has affirmed its ratings on Konsortium Lebuhraya Utara – Timur (KL) Sdn Bhd’s (Kesturi) RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) at AA-IS and A- respectively. The outlook for both ratings is maintained at stable.The ratings reflect adequate growth in vehicle traffic on the strategically locate...
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MARC has withdrawn its MARC-1ID/AAAID ratings on Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) programme following the cancellation of the programme effective September 29, 2011, as confirmed by its facility agent, Bank Muamalat Malaysia Berhad. MARC’s analytical coverage on Gas Malaysia is now limited to its existing RM50...
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MARC HAS AFFIRMED ITS MARC-1ID/AAID AND A+ID RATINGS ON DHTI CAPITAL SDN BHD ISLAMIC DEBT PROGRAMMES
MARC has affirmed its ratings on special purpose company DHTI Capital Sdn Bhd’s (DHTI Capital) RM110 million Islamic Commercial Papers/Islamic Medium Term Notes (Senior Notes) and RM10 million Junior Islamic Medium Term Notes (Junior Notes) at MARC-1ID/AAID and A+ID respectively. The rating outlook is stable. The rating action affects RM28 million of outstanding notes issued under the progra...
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MARC has withdrawn its AAAID(bg) and BB+ID ratings on Viable Chip (M) Sdn Bhd’s (VCSB) RM50.0 million nominal value Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B) respectively at the request of the sole BaIDS holder, Acqua SPV Bhd (ASPV). The ratings withdrawal af...
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MARC has placed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium-Term Notes (IMTN) Programme on MARCWatch Developing. The MARCWatch placement follows recent developments pertaining to the group’s toll road concessions, the proposed sale of the concession assets to related parties and retirement of its existing debt. MTD InfraPerdana,...
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MARC has placed its rating of AAIS on Alloy Properties Sdn Bhd’s (formerly known as Haluan Gigih Sdn Bhd) (APSB) Sukuk Musyarakah Medium Term Note (IMTN) Programme of up to RM240.0 million on MARCWatch Negative. The rating action reflects MARC’s concerns over the announced freeze on toll rate increases for toll road concessions of related entities and the early termination of the East ...
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MARC has withdrawn its rating of AAAIS on Assar Chemicals Sdn Bhd’s (ACSB) RM150.0 million Serial Sukuk Musyarakah (Sukuk) with immediate effect. The rating withdrawal follows the full redemption of outstanding Sukuk on August 2, 2011 and cancellation of the facility, as confirmed by the facility agent, RHB Investment Bank Berhad. Contacts: David Lee, +603-2082 2255/ david@marc.com.my; Sande...
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MARC has downgraded its ratings on Tanjung Langsat Port Sdn Bhd’s (TLP) RM250 million Sukuk Musyarakah Bonds (Sukuk Musyarakah) and RM135 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A-IS and MARC-2ID/A-ID from AA-IS and MARC-1ID/AA-ID respectively. The outlook on the ratings remains negative.The downgrades reflect further erosion of TLP’s credit...
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MARC has affirmed its AA-ID rating on highway concessionaire Maju Expressway Sdn Bhd’s (MESB) RM550.0 million Islamic Medium Term Notes (IMTN) Issuance Programme under the Shariah principle of Musyarakah. The rating outlook is stable. Factors that continue to support the rating are improved toll revenue arising from satisfactory traffic growth and a favourable amortisation profile with no de...
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MARC has assigned a AAAIS (fg) rating to Sukuk issued under a RM380 million Islamic Medium Term Notes (IMTN) Programme by Senari Synergy Sdn Bhd (Senari Synergy). The outlook on the rating is stable. The rating and rating outlook reflect MARC's credit rating on Danajamin Nasional Berhad (Danajamin) of AAA/Stable which is providing an unconditional and irrevocable guarantee to meet obligations on t...
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