The MARC-1ID/AA-ID rating of Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers / Medium Term Notes Programme was affirmed with a stable outlook, reflecting its dominant position as the sole distributor of treated water for the states of Selangor, Wilayah Persekutuan Kuala Lumpur and Putrajaya; the Government’s support for the water priva...

Pursuant to the announcement by Puncak Niaga Holdings Berhad’s (“PNHB”), with regards to the proposed cash distribution of up to RM767.84 million to its shareholders, MARC views that the proposal will have no adverse impact on the current rating of A (A Flat) on PNHB’s RM546.875 million Redeemable Unconvertible Junior Notes (“RUNs”) with detachable warrants.MARC...

MARC has lifted the MARCWatch placed on the rating of Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS), whilst maintaining a Developing Outlook. The lifting of the MARCWatch is due to developments with regards to the discussions between AIRB and the Johor State Government (JSG) concerning the proposed restructuring of the water supply...

MARC has downgraded the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to B-ID from BB-ID previously, with a developing outlook. The steep downgrade follows from the continuous weak traffic volume at all the four tolls which remained below the revised traffic projections since 2006 (the latest traffic study d...

Titisan Modal (M) Sdn Bhd’s (“TMSB”) RM738.0 million Fixed Rate Serial Bonds (“FRSB”) is assigned a long term rating with support of AA+(s).  The FRSB was previously assigned a stand alone long term rating of A+.  A Letter of Support dated 3 August 2006 was provided by the State Government of Selangor (“SSG”) for the FRSB.  In the Letter of ...

MARC has assigned an AAAID(bg) rating on Viable Chip (M) Sdn Bhd’s (“VCSB”) RM50.0 Million nominal value of Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS A”) and an A+ID rating on the company’s RM150.0 Million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS B”).The rating is driven by the financial...

MARC has affirmed the rating of Kelang Multi Terminal Sdn Bhd’s (KMT) RM350 million Floating Rate Notes at AA, reflecting the company’s consistently strong operational performance underlined by the steady growth in container throughput; commendable financial profile as well as the Government’s participation in developing Port Klang into a transshipment and megahub/free trade zone...

MARC has affirmed 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 reflect, amo...

MARC has affirmed a rating of A+ID to 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”). The assigned rating reflects amongst others, Duta-Ulu Kelang Expressway’s (“DUKE” or the “Highway”) strategic alignment connecting the N...

MARC has assigned a rating of A+ID (Islamic Debt) to Zecon Toll Concessionaire Sdn Bhd’s (“ZTC”) proposed issuance of RM60 million Bai-Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating reflects the strategic importance of the Tun Salahuddin Bridge (“the Bridge”) as an integral part of the Sarawak Government’s infrastructure development prog...