MARC has placed the rating of Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) (rated A) on MARCWatch with Developing Outlook. It has been made known to us that there is a proposal by the Johor State Government (JSG) to restructure the water supply services in the state of Johor. In our discussion with the management of AIRB, we have been...

MARC has assigned a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“Restructured BaIDS”) to restructure the existing RM510 million Al-Bai Bithaman Ajil Islamic Debt Securities issued in August 2001 (“BaIDS 2001”). Concurrently, we have reaffirmed the rating of SPRINT’s RM365 million Bank Gu...

MARC has received confirmation that Sistem Penyuraian Trafik KL Barat Sdn Bhd has made an early redemption of the entire issuance of the RM510 million Al-Bai Bithaman Ajil Islamic Debt Securities issued in 2001(2001 BaIDS). Accordingly, MARC no longer has any rating obligation on the 2001 BaIDS and the rating of A-ID is hereby withdrawn...

The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities at AAA(s) reflects the strength of the support provided by the State Government of Sarawak, through the Letter of Support, in ensuring the timely and full redemption of the RM180 million Al-Bai’ Bithaman Ajil Islamic debt Securities (BaIDS). Hence, the current rating of KPA reflects the credit strength of the state of ...

MARC has reaffirmed Dialog Group Berhad (“DIALOG”)’s corporate credit rating at AA- (Double A minus), underpinned by DIALOG’s commendable balance sheet and cash flow position resulting from the Group’s prudent financial policy as well as its strong competitive position and safety track record in the highly specialized oil, gas and petrochemical industries. The corporate credit rating is,...

MARC has affirmed the AA+ID rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rating of AA+ fr...

MARC has assigned an A+ID rating to Sweetwater SPV Sdn Bhd’s (SSPV) proposed RM195 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is supported by the operational and financial capability of Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) to upstream dividends to its shareholders, payment of interest on the loan stocks or loan stock redemption as these cashflows will form ...

MARC has received confirmation that the holders of Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) at a meeting held on 19 October 2005, have given their consent to extend the tenures of the BaIDS subject to SC approval. In addition, the BaIDS holders also approved the resolutions relating to the revision of the profit payment in res...

MARC has assigned a rating of A+ID to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) proposed 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 North Klang Valley Expressway on the w...

MARC has assigned ratings of MARC-1ID/AA- ID to Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/ Medium Term Notes Programme, reflecting its dominant position as the sole distributor of treated water for the State of Selangor and the Federal Territories of Kuala Lumpur and Putrajaya; the Government’s support for the water privatization program...