MARC has reaffirmed the ratings of Petronas Gas Berhad’s (PGB) issuer rating at MARC-1/AAA and its RM900 million Murabahah Commercial Paper/Medium Term Notes Programmes (1999/2004) (MUNIF) at MARC-1/AAAID (Islamic Debt) and RM500 million Al-Bai Bithaman Ajil Bonds Issuance Facility (1999/2004) (ABBA) at MARC-1/AAAID (Islamic Debt). The reaffirmation of the ratings are supported by the company’...

Puncak Niaga Holdings Bhd’s (PNHB) RUN are rated the same as Puncak Niaga (M) Sdn Bhd’s (PNSB) junior notes A (A notes). The affirmation reflects a perfected security interest in the A notes and the escrow account to which matching debt service payments under the A notes will flow. The three-notch differential between the senior debt and junior debt ratings currently assigned to PNSB in turn, ...

The ratings of AA ID (Double AA Islamic Debt)/MARC-1ID for PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme have been reaffirmed. Accordingly, the A rating of the RM546.875 million junior notes has also been affirmed. The ratings are, however, placed on a negative outlook pending the resolution of the substantial and long outstanding trade receivables. The maintenance...

MARC affirms Kuching Port Authority’s (KPA) Islamic debt rating of AA+(s)ID (Double A plus, Islamic Debt). The rating reflects the strength of the support provided by the State Government of Sarawak (vide its Letter of Support dated 30 November 2001) in ensuring the timely and full redemption of the notes under the said facility. Kuching Port is currently the Sarawak state’s premier port servi...

The affirmation of the AID rating reflects the perceived strong demand for the Kajang Traffic Dispersal Ring Road to relieve severe traffic congestion in the Kajang District. Project demand is further underpinned by the Ring Road’s function as a primary urban road linking the populous districts of Balakong, Sungei Long, Semenyih, Bangi, Kajang and Serdang in the south-eastern corridor of the...

Malaysian Rating Corporation Berhad has reaffirmed the short-term rating of MARC-1 for Kertih Terminals Sdn Bhd’s (KTSB) RM500.0 million Revolving Underwritten Facility (RUF) with term loan conversion (1999/2004). The reaffirmation of the rating reflects the completion of Phase 2 of the Centralized Tankage Facility (CTF) which provides additional stream of revenue to Kertih Terminals Sdn B...

Malaysian Rating Corporation Berhad has reaffirmed the rating of AID (Single A Flat, Islamic Debt) for ARL Tenaga Sdn Bhd’s (ARLT) Al-Bai Bithaman Ajil Secured Serial Bonds Facility (ABBA) with a nominal value of RM177.0 million. The reaffirmation of the rating reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the pr...

The rating reaffirmation at AID is supported by the 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 structure. The rating, however, continues to be moderated by SAJ Holdings Sdn Bhd’s (SAJH) highly leveraged capital structure that reflects the significant utilization of debt to finance the compan...

GDC (Putrajaya) Sdn Bhd’s (GDC Putrajaya) AAAID Islamic debt rating reflects the importance of the project to the efficient operation of the Government’s premises in Putrajaya; superior credit quality of the offtakers (that is, the Government and Putrajaya Holdings Sdn Bhd (PJH)); and the strong backing of the ultimate shareholder, PETRONAS.GDC Putrajaya, a company under the PETRONAS group, wa...

The reaffirmation of MTD Prime Sdn Bhd’s Islamic debt rating of AA –ID (Double-A Minus, Islamic Debt) reflects the completed status of the Highway with no construction risk; good actual traffic performance which is above the government guaranteed minimum traffic growth; and the company’s improving financial strength. MTD Prime is a single purpose company created specifically to upgrade, oper...