MARC has affirmed the rating of AAAIS on Assar Chemicals Sdn Bhd’s (“ACSB”) RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility were utilized towards repayment of a bridging loan and to part finance the construction costs of the Independent Oil Terminal (“IOT”). The rating reflects the secured demand from the credible offtakers i...

MARC has reaffirmed Tenaga Nasional Berhad’s (“TNB”) issuer rating of MARC-1/AA+, and corporate debt ratings of RM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AA+ID, RM1.5 billion Murabahah Commercial Papers and Murabahah Medium Term Notes (MCP/MMTN) at MARC-1ID /AA+ID, RM1.0 billion Al-Bai’ Bithaman Ajil Notes Issuance Facility at AA+ID, and RM500 million Fixed Rate Un...

MARC has assigned a long term rating of A+ to Titisan Modal (M) Sdn Bhd’s (“TMSB”) proposed issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The rating is a reflection of the water industry in the State of Selangor whereby the demand fundamentals for treated water is unwavering; satisfactory operating performance of the water treatment plant and the expected robust cas...

MARC has reaffirmed the AAAID rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water from the Government offices in Putrajaya; the integrated nature of the project owing to the st...

MARC has reaffirmed the ratings of Tenaga Nasional Berhad’s (TNB) private debt securities namely; RM1.5 billion Murabahah Commercial Papers and Murabahah Medium-Term Notes (2002/2009) (MARC-1ID/AA+ID); RM2.0 billion Al-Bai’ Bithaman Ajil Bonds (AA+ID); RM500 million 8-year Fixed Rate Unsecured Bonds (AA+); and RM1.0 billion Al-Bai’ Bithaman Ajil Notes Issuance Facility (AA+ID) and the utilit...

MARC has reaffirmed the ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) at A+ID. The ratings were reaffirmed based on the stable and predictable cash flow of the company allowing them to service their debt obligations in a timely manner; the presence of a long-term fuel supply contract w...

The ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200.0 million Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and RM500.0 million Al-Murabahah Medium Term Notes (MTN) Issuance Programme have been affirmed at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively, reflecting its strong ownership structure, highly regulated industry, dominant position in the gas distributio...

MARC has affirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long-term rating of AA-ID with a Developing 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 tight issue structu...

The long term rating of Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants has been reaffirmed at A. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s (“PNSB”) Junior Notes A (“A Notes”), which has also been reaffirmed. The rating reaffirmation is a reflection of the perfected security...

MARC has reaffirmed Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM350 million Murabahah Commercial Papers/ Murabahah Medium Term Notes ratings of AAID and MARC-1ID/AAID respectively. The reaffirmation of the ratings is due to PNSB’s improved liquidity profile underpinned by the settlement of the long outstanding receivables...