MARC has affirmed Puncak Niaga (M) Sdn Bhd’s (PNSB) ratings of AAID on its RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and A+ respectively on both its RM546.875 million Junior Notes A (A Notes) and RM435.0 million Nominal Value Redeemable Unsecured Bonds (RUBs). The AAID rating of the BaIDS acknowledges the legal priority of the secured debt over the other rated obligati...

MARC has affirmed the AAAID(s) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the support extended by the state government of Sarawak to KPA evidenced by its letter of support in which the state undertakes to ensure KPA’s financial obligations in relation to the BaIDS are met in a...

MARC has affirmed its rating of A+ID on Zecon Toll Concessionaire Sdn Bhd’s (ZTC) RM60.0 million Bai-Bithaman Ajil Islamic Debt Securities (BaIDS), and revised the outlook on the rating to negative from stable. ZTC is the concession holder of the Tun Salahuddin Bridge, a 339-metre toll bridge over Sarawak River, located in Kuching, Sarawak’s state capital. Since the rating was last aff...

MARC has affirmed the ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al Bai’ Bithaman Ajil Secured Serial (ABBA) Bonds and RM50.0 million Islamic Medium-Term Notes (IMTN) at A+ID. The ratings carry a stable outlook. The ratings principally reflect the strength of cash flows generated under a 21-year power purchase agreement (PPA) with Sabah Electricity Sdn Bhd (SESB), an 80%-own...

MARC has placed the A+ID rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative. Since MARC’s last rating action on July 23, 2008, construction works at the tuna port has halted for more than a year, considerably longer than the six-month delay anticipated earlier. MITP’s construction a...

MARC has affirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (Syabas) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme ratings of MARC-1ID /AA-ID. Concurrently, MARC has revised the rating outlook to developing from stable to reflect Syabas’ increased risk of lower-than-expected tariffs and early termination of its water distribution concession agreement (CA)....

MARC has affirmed its rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA-ID. Concurrently, MARC has revised the rating outlook to developing from stable to reflect uncertainties with regards to the current industry restructuring which involves the take over of water assets by the federal government through Pengurusan Aset Air Berhad...

MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID. The rating carries a developing outlook. Concurrently, MARC has removed the rating from MARCWatch Negative placement where it had been placed since July 2008 on concerns linked to the unresolved technical issues at Kapar Power Station (KPS...

MARC has affirmed the rating of A+ID on toll road concessionaire, Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (Sukuk). The rating carries a stable outlook. The rating affirmation takes into consideration the strategic alignment of the 18 km Duta-Ulu Kelang Expressway (DUKE) that links to a network of major h...

MARC has affirmed the AA-(bg) and AA-ID ratings of highway concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM365.0 million Bank Guaranteed Serial Fixed Rate bonds (BG Bonds) and RM510.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively (collectively known as the Facilities). The ratings carry a stable outlook. The affirmed rating on the BG Bonds re...