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...

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 reaffirmed the ratings of Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1,020 million Bai Bithaman Ajil Islamic Serial Bonds, RM350 million Murabahah Commercial Papers/Murabahah Medium Term Notes and RM546.875 million Junior Notes at AAID, MARC-1ID/AAID and A respectively. The reaffirmation reflects the Federal Government’s assistance in the partial settlement of the long outstanding trade rece...

MARC has lifted the negative outlook placed on the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in respect of PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme and the A rating of PNHB’s RM546.875 million redeemable unconvertible junior notes. The negative outlook was placed in June 2004 pending the resolution of the group’s long outstanding trade receivables...

MARC has placed the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in respect of PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme and the A rating of its RM546.875 million junior notes on a negative outlook pending the resolution of the substantial and long outstanding trade receivables which stood at RM1.14 billion as at December 2003. The maintenance of the pres...

MARC has reaffirmed the ratings of Puncak Niaga (M) Sdn Bhd’s (PNSB) ABBA serial bonds, MuCP/MuMTN and junior notes at AAID, MARC-1ID/AAID and A respectively. Concurrently, the negative outlook on the ratings has also been lifted. The ratings reflect amongst others the inherent unfaltering demand for treated water and the Federal Government’s proposed financial support in resolving the long ou...

Further to our meeting with PNSB’s management, the outcome of the privatization of the water distribution in Selangor is expected to be known in the third quarter of year 2003. Latest developments indicate that the resolution of the issue pertaining to the outstanding receivables due from Perbadanan Urus Air Selangor Bhd (PUAS) is one of the integral factors of the exercise.Consequently, MARC ma...

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...

The affirmation on the rating of AA ID (Double AA Islamic Debt)/MARC-1 ID for Puncak Niaga (M) Sdn Bhd’s ABBA serial bonds and MuCP/MTN programme reflects the monopolistic nature of the water industry, unfaltering demand fundamentals for treated water, continued favorable project risk allocations via its concession structure, satisfactory operating performance of its water treatment plants (WTP)...

MARC has assigned a long term rating of A to Puncak Niaga Holding Bhd’s (PNHB) RM546.88 million Redeemable Unconvertible Junior Notes (RUN) with detachable warrants. Proceeds from the new debt offering will be used to fund PNHB’s subscription of subsidiary, Puncak Niaga (M) Sdn Bhd’s (PNSB) junior notes A (A notes). PNHB’s RUN are rated the same as PNSB’s A notes. The RUN’s rating r...