MARC has extended its MARCWatch Negative placement in respect of Sistem Lingkaran- Lebuhraya Kajang Sdn Bhd’s (“SILK”) rating of B-ID on its Notional Amount of RM2.10 billion Al-Bai Bithaman Ajil Islamic Debt Issuance Facility (“ABBA”) (2001/2021).MARC had placed SILK on MARCWatch Negative in May 2007 following confirmation from PB Trustee Services Sdn Bhd (the &ldquo...

MARC has withdrawn the AAID rating assigned to MTD Prime’s RM250.0 million BaIDS with immediate effect, following confirmation by AmInvestment Bank Berhad, the Lead Manager of the above programme, that the BaIDS had been fully redeemed on 31 July 2007...

MARC has reaffirmed the ratings of A+ID and MARC-2ID/A+ID on Konsortium Lapangan Terjaya Sdn Bhd’s (“KLT”) RM380.0 million Bai Bithaman Ajil Medium Term Notes (“BBA MTN”) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes Programme respectively (“MCP/MTN”) (collectively known as “Finance Facilities”). The ratings carry a sta...

MARC has assigned ratings of MARC-1/A+ to the first issuance of up to RM200.0 million under RUN Holding SPV Bhd’s (RHSB) proposed RM500.0 million commercial papers (CPs) and Medium-Term Notes (MTN) programme (collectively referred to as “the Notes”). The ratings on the Notes reflect the credit quality of the underlying securities, Puncak Niaga Holdings Bhd’s (PNHB) Redeemab...

MARC has reaffirmed the rating of A+ID on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). Kesturi is Duta-Ulu Kelang Expressway’s (“DUKE”) concessionaire. The rating carries a Stable Outlook.DUKE is a strategic alignment connecting th...

MARC has affirmed the long-term rating of AA+(S) to Titisan Modal (M) Sdn Bhd’s (“TMSB”) issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The ratings affirmation is based on the credit quality of the Selangor State Government which has provided a letter of support for the obligations of TMSB in relation to the serial bonds, which, although not a gua...

MARC has assigned ratings of AA- IS and MARC-1 ID to Alam Maritim Resources Berhad’s (AMRB or the Company) RM500 million Sukuk Ijarah MTN Facility and RM100 million Murabahah Commercial Papers/ Medium-Term Notes Facility (MCP/MMTN). The ratings carry a stable outlook.The ratings reflect AMRB’s strong business position, favourable growth prospects, healthy financial condition as well as...

MARC has assigned a long-term debt rating of A+ID to Malaysian International Tuna Port Sdn Bhd’s (MITP)’s Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240 million.The A+ID rating incorporates a strong reliance on government support for the highly visible tuna port privatisation project based on a Letter of Support issued by the Ministry of Agriculture and Agro...

MARC has placed the B- ID long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Notional Amount of RM2.01 billion Al-Bai Bithaman Ajil Islamic Debt Issuance Facility (ABBA) (2001/2021) on MARCWatch Negative.The MARCWatch placement follows confirmation from PB Trustee Services Sdn Bhd (the Trustee) dated 3 May 2007 that SILK had failed the Annual Debt Service Cover Ratio (DSC...

MARC said today that its AA+/MARC-1 ratings on Tenaga Nasional Berhad (TNB) are not expected to be affected by the utility’s recently announced dividend policy.  TNB intends to distribute between 40% and 60% of its annual free cash flow (operating cashflow less normalized capital expenditure and interest servicing) as dividends to shareholders, starting with fiscal year ending August 31...