MARC has withdrawn the AA+ rating assigned to port operator, Westports Malaysia Sdn Bhd’s RM350.0 Million Floating Rate Notes (FRN) with immediate effect. The rating withdrawal follows the full redemption and cancellation of FRN as announced by the facility agent.  Contact:Rustam Apandi Jamaludin, 03-2090 2250/ rustam@marc.com.my; Khairul Emran Mahmud, 03-2090 2278/ emran@marc.com....

MARC has affirmed its AAAID(bg) and A+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. The AAAID(bg) rating of BaIDS A has been affirmed on the basis of an irrevocable and unc...

MARC has affirmed Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) ratings of MARC-1ID / AAID on its RM435 million Islamic Notes Issuance Master Programme comprising RM50 million Murabahah Commercial Papers (CPs) and RM385 million Murabahah Medium Term Notes (MMTNs). Concurrently, MARC has revised the rating outlook to developing from stable to reflect SPLASH’s exposure to ind...

MARC has affirmed the A+ID  and MARC-2ID/A+ID ratings on toll road concessionaire, Maju Expressway Sdn Bhd’s (MESB or formerly known as Konsortium Lapangan Terjaya Sdn Bhd) RM380 million Al Bai’ Bithaman Ajil Primary Serial Medium Term Notes (BBA MTN) and up to RM80 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) respectively (Islamic Securities). The ratings refle...

MARC’s AA+ID ratings on Kapar Energy Venture’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) remains on MARCWatch Negative pending completion of our on-going rating review. The BaIDS had been placed on MARCWatch Negative on July 22, 2008 due to concerns arising from the continued failure of Kapar Power Station (KPS) to maintain acceptable rolling aver...

MARC has withdrawn the MARC-1 rating assigned to toll road concessionaire, Sistem Penyuraian Trafik KL Barat Sdn Bhd’s RM125.0 million Revolving Underwritten Facility (RUF) convertible into Floating Rate Term Loan (FRTL) with immediate effect. The rating withdrawal follows the conversion of the RUF into a FRTL as confirmed by the facility agent, AmInvestment Bank Bhd.  Contact: Rustam A...

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 Commercial Papers/Medium Term Notes facilities respectively. The affirmed rating reflects the strong profitability and cashflow generated by Alam Maritim, a leading domestic provider of offshore support services. The ratin...

MARC has withdrawn its A+ID rating on Sweetwater SPV Sdn Bhd’s RM195.0 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect, following confirmation by ECM Libra Investment Bank, the Facility Agent, that the BaIDS has been fully redeemed....

MARC has revised its rating outlook on Malaysian International Tuna Port Sdn Bhd’s (MITP) Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240.0 million to developing from stable. Concurrently, MARC has affirmed its rating of A+ID on MITP's BAIS. The outlook revision follows an estimated six-month delay in the completion of major construction works at the tuna port foll...

MARC has placed its AA+ID rating on Kapar Energy Venture's (KEV) RM3,402.0 million Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Negative. The rating action reflects MARC's concerns pertaining to unresolved technical issues at Kapar Power Station (KPS) which have affected its ability to consistently achieve its required availability under KEV's Power Purchase Agreement (PPA) with...