MARC has revised its rating outlook to stable from developing on Tenaga Nasional Berhad's (TNB) AA+ long-term issuer rating and MARC-1ID/AA+ID Islamic debt issue ratings to reflect the utility's recent success in securing offsetting tariff increases effective July 1, 2008 to counter increases in fuel and purchased power expenses. Concurrently, MARC has reaffirmed the ratings to the following issue...

MARC has revised the outlook on its AA+(S) rating on Titisan Modal (M) Sdn Bhd’s (TMSB) RM738.0 million Fixed Rate Serial Bonds to developing from stable.  The outlook revision reflects operational uncertainty that is being created by proposals by the new Selangor State Government (SSG) to restructure the state’s water industry. MARC believes that these proposals could have either...

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 reflects MTD InfraPerdana's strong operating profitability, underscored by the sustained traffic flows on the established and matured toll highways operated by wholly-owned subsidiaries, MTD Prime Sdn Bhd (MTD Prime) and Metramac Corp...

MARC has assigned ratings of AAID/MARC-1ID and A+ID, respectively, to DHTI Capital Sdn. Bhd.’s (DCap) issuance of up to RM110.0 million of Islamic commercial papers/Islamic Medium-Term Notes (Senior Notes) and up to RM10.0 million Junior Islamic Medium-Term Notes (Junior Notes) (collectively, ICP/IMTN Programme). The ratings reflect the credit quality of a rental payment stream from creditwo...

MARC has assigned initial ratings of AA-IS and MARC-1ID/AA-ID to Tanjung Langsat Port Sdn Bhd’s (TLP) RM250.0 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM135.0 million Musyarakah Commercial Papers/Musyarakah Medium Term Notes Programme (MCP/MMTN), respectively. The ratings carry a stable outlook. The proceeds from the proposed issuances will be used mainly to repay existing borro...

MARC has reaffirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating carries a developing outlook.The rating is reaffirmed based on strong water demand in the state of Johor, and the predictable income streams of its wholly-owned subsidiary, Southern Water Corporation Sdn Bhd (SWC) and 49% owned associated ...

MARC has reaffirmed the AAAID long-term rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating carries a stable outlook. GDC Putrajaya operates and maintains district cooling plants in Putrajaya, the Federal Administrative Capital of Malaysia.The affirmed rating ref...

MARC has withdrawn its AA-IS rating assigned to Stratavest Sdn Bhd’s (Stratavest) RM120 million nominal value Sukuk Ijarah as a result of the cancellation of the issuance.2 April 2008...

MARC has assigned the rating of AA- IS to independent power producer, Stratavest Sdn Bhd’s (Stratavest) RM120.0 million Nominal Value Sukuk Ijarah (Sukuk Ijarah). Stratavest operates a 60MW diesel fired power plant (Libaran Power Plant) in Sandakan, Sabah. Proceeds from the issuance of the Sukuk Ijarah will be utilised largely to finance the purchase and/or early redemption of Stratavest&rsq...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+. MARC has also reaffirmed its ratings on TNB’s Islamic debt facilities as follows:RM2.0 billion Al-Bai’ Bithaman Ajil Bonds rated AA+ID;RM1.5 billion Murabahah Commercial Papers and Murabahah Medium Term Notes rated MARC-1ID/AA+ID; and RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility rated AA+ID.The...