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...

MARC has assigned a long-term rating of AAID (AA Flat, Islamic Debt) with Stable Outlook, to MTD InfraPerdana Bhd’s (MTD InfraPerdana) Islamic Medium-Term Notes (IMTN) programme of up to RM700 million. The rating reflects the robust financial profile of MTD InfraPerdana, which is supported by the strong traffic from the matured toll highways under the stable of its two wholly-owned subsidiar...

MARC has reaffirmed Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) rating of A with a Developing Outlook. The rating was reaffirmed based on the strong operational and consolidated financial performance as well as strong growth in water demand in the state of Johor. AIRB was the vehicle established to undertake the restructuring sch...

MARC has reaffirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1,280 million Bai Bithaman Ajil Serial Bonds (BaIDS) long-term rating of AA- ID   with a Stable Outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security and its dominant role in generation. TNB’s virtually monopolistic position in the transmission and distribution of  electricity in Peninsular Malaysia and Sabah, co...

Pursuant to Malakoff Berhad’s (“Malakoff”) conditional Master Sale Agreement with Nucleus Avenue (M) Sdn Bhd (“NAB”), a wholly-owned subsidiary of MMC Corporation Berhad (“MMC”), for the proposed disposal of the entire business and undertakings of Malakoff, which includes its current 40% shareholding in Kapar Energy Ventures Sdn Bhd (“KEV”) to ...

MARC has reaffirmed the ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and RM500 million Al-Murabahah Medium Term Notes (MTN) Issuance Programme at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively with stable outlook. The ratings continue to reflect its strong ownership structure; highly regulated industry...

On 9 February 2007, MARC received confirmation from HSBC (M) Trustees Berhad that TNB has fully redeemed its RM500 million Bonds on 29 December 2006. As such, MARC no longer has any rating obligation on the Bonds and the AA+ rating is hereby withdrawn.  ...

MARC has reaffirmed the AAAID long-term rating, with Stable Outlook, of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is supported by the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water coming from the ...

MARC has reaffirmed the rating of AAA(s)ID to Kuching Port Authority’s (KPA) RM180 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the support provided by the State Government of Sarawak, through a Letter of Support, which ensures the timely and full redemption of the BaIDS. Hence, the current rating of KPA reflects the credit strength...