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MARC has lowered the ratings on RUN Holding SPV Bhd’s (RUNH) Commercial Paper/Medium Term Notes (CP/MTN) to MARC-2 and A- with a negative rating outlook and removed the ratings from MARCWatch Negative where they were first placed on June 8, 2010. RUNH is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the notes to purchase Redeemable Unconvertible J...
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MARC has revised its ratings on Puncak Niaga (M) Sdn Bhd (PNSB) and related ratings, following a review of the Selangor water sector ratings which was initiated in June 2010. Concurrently, PNSB and its related ratings have been removed from MARCWatch Negative where they were first placed on June 8, 2010. The two-notch downgrades in PNSB’s senior debt rating on its RM1.02 billion Bai Bithaman...
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MARC has revised its ratings on Puncak Niaga (M) Sdn Bhd (PNSB) and related ratings, following a review of the Selangor water sector ratings which was initiated in June 2010. Concurrently, PNSB and its related ratings have been removed from MARCWatch Negative where they were first placed on June 8, 2010. The two-notch downgrades in PNSB’s senior debt rating on its RM1.02 billion Bai Bithaman...
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MARC has revised the issue ratings of the Selangor water sector, including Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS), following a review of the ratings which was initiated in June 2010. The single notch downgrade of SYABAS’ long-term rating to A+ID from AA-ID reflects continued cash flow challenges at the Selangor state’s sole water distributor as reflected by its inability to mee...
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MARC continues to monitor progress on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) refinancing of its outstanding sukuk. MARC's last rating action on Kesturi's RM780 million Sukuk Istisna was implemented on January 18, 2010 when the rating agency affirmed its A+ID rating on the sukuk and revised Kesturi's rating outlook to developing from stable.Since M...
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MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID/AAAID and AAAID respectively with a stable outlook. The ratings are underpinned by Gas Malaysia’s dominant market position as the sole piped natural gas distributor in Peninsular Malay...
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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 affirmed ratings reflect the credit quality of the rental payment stream from c...
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Following Tenaga Nasional Berhad's (TNB) announcement that it had posted a pre-tax profit before forex translation gains of RM2,854.1 million for the nine months ended May 31, 2010, 28.8% up from the prior year corresponding period, MARC comments that TNB's ratings will not be affected. TNB is rated AA+/ MARC-1 by MARC and the Rating Outlook is Stable.While TNB's third quarter (Q3FY2010) net...
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MARC has withdrawn its A+ID and MARC-2ID /A+ID ratings on toll road concessionaire Maju Expressway Sdn Bhd’s (MESB) RM380.0 million Al Bai’ Bithaman Ajil Primary Serial Medium Term Notes (BBA MTN) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) respectively following the early redemption of outstanding BBA MTN and MCP/MTN on June 15, 2010, as conf...
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MARC has assigned AA-ID rating on toll road concessionaire Maju Expressway Sdn Bhd’s (MESB) proposed RM550.0 million Islamic Medium Term Notes (IMTN) issuance programme under the Shariah principle of Musyarakah. The rating outlook is stable. The assigned rating incorporates the strong debt servicing coverage under the IMTN programme attributable to the favourable repayment structure, and sat...
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