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MARC has affirmed the AAAID(S) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The rating is aligned to MARC’s recently affirmed AAA/stable public information rating on the state of Sarawak. The BaIDS are rated at the same level as the Sarawak State Government (SSG) based on the high likelihood ...
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MARC has assigned a rating of AAAIS to TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah. The rating outlook is stable.The transaction structure involves TTM SPV as a funding vehicle issuing 5- to 15-year Sukuk, the proceeds of which will be loaned to parent Trans Thai-Malaysia (Thailand) Ltd (TTMT). TTM SPV is a special purpose entity set up for the sole purpose of issuing the Su...
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MARC has affirmed its ratings of AA-IS and MARC-1ID /AA-ID on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes and RM100 million Murabahah Commercial Papers/Medium Term Notes facilities, respectively. Alam Maritim’s ratings are supported by the company’s established market position in the domestic offshore support vessel (OSV) market, it...
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MARC has withdrawn its rating of A+ID on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM780.0 million nominal value redeemable secured serial Sukuk Istisna (Sukuk Istisna). The rating withdrawal follows the completion of the Sukuk Istisna buyback and full redemption of the outstanding sukuk on October 28, 2010, as confirmed by the facility agent CIMB Investment Bank Berhad. ...
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MARC has affirmed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium-Term Notes (IMTN) programme. The rating outlook is stable. MTD InfraPerdana, a wholly-owned subsidiary of MTD Capital Berhad (MTD Capital), is an infrastructure holding company which holds interests in four toll road concessions in Malaysia and one in the Philippines. Throu...
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MARC has assigned ratings of AA-IS and A- to expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) proposed new issuances of up to RM820 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) and RM50 million Redeemable Junior Bonds (Junior Bonds) respectively. The outlook on both ratings is stable. The proposed issuances will be used to redeem Kesturi&rs...
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MARC has issued this update as part of its ongoing monitoring of the progress on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) refinancing of its outstanding RM780 million Sukuk Istisna. MARC’s last rating update on the Sukuk was issued on September 3, 2010 while MARC’s A+ID rating on the Sukuk was affirmed on January 18, 2010 with a developi...
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MARC has maintained a MARCWatch Negative status on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds (FRSB) AA+(s) rating following a review of TMSB’s current credit profile. TMSB’s standalone rating has been downgraded to BBB from A+ to reflect the weak liquidity position of Konsortium Abass Sdn Bhd (Konsortium Abass) and the heightened credit risk for T...
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MARC lowered its rating on Viable Chip (M) Sdn Bhd’s (VCSB) RM150 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B) rating to A-ID from A+ID. The rating outlook is negative. At the same time, MARC affirmed its AAAID(bg) rating on VCSB’s RM50 million Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) with a stable outlook. The ratings have been r...
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MARC has downgraded its ratings on Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) RM435 million Islamic Notes Issuance Master Programme comprising RM50 million Murabahah Commercial Papers (MCPs) and RM385 million Murabahah Medium Term Notes (MMTNs) to MARC-2ID /AID from MARC-1ID /AAID. Concurrently, the ratings have been removed from MARCWatch Negative where they were first placed...
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